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| Robert Stepp |
Long Beach, CA - Stepp
Commercial, a leading multifamily brokerage firm in the Los Angeles market, has
completed the $10.55 million sale of a 56-unit apartment portfolio consisting
of three properties in Long Beach, Calif.
Principal Robert Stepp of Stepp Commercial
represented the seller, a private investor from Signal Hill, as well as the
buyer, Mandek 10 Property Partners, LLC from Corona Del Mar. The portfolio
closed at a 4.6 percent cap rate and a price per unit of nearly $189,000.
"This portfolio
offered the buyer a solid mix of one- and two-units with rental upside and
ample parking," said Stepp.
"Additionally, this is the downleg for
the seller in a 1031 exchange who wanted to sell its smaller assets and trade
up into a larger, single, turn-key apartment community for easier property
management functions.
“Overall, this increased
the seller's cash flow and provided the buyer with a value-add opportunity in a
non-rent controlled market."
The three properties
include:
* 765 Cerritos Avenue, a 20-unit property
built in 1963
* 731 Orange Avenue, a 24-unit property
built in 1958
* 933 Alamitos Avenue, a 12-unit property
built in 1945
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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