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| Robert Stepp |
Long Beach, CA - Stepp
Commercial, a leading multifamily brokerage firm in the Los Angeles market, has
completed the $3.3 million sale of Cherry
Avenue Apartments, a 12-unit apartment property within the Retro Row
neighborhood of Downtown in Long Beach, Calif.
Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial
represented the seller, 546 cherry Waterford, LLC from Long Beach. The buyer
was a private investor from Palos Verdes. The property closed at a 4.4 percent
cap rate and a price per unit of $275,000.
Built in 1963, the
two-story property is located at 546 Cherry Avenue. The property includes
seven, one-bedroom units, three two-bedroom units and two studio units. The property
offers ample parking, controlled access entry and a laundry facility.
"This property was
recently renovated and offered the buyer an upgraded, turn-key asset. We
received a number of offers and was sold at full asking price," said
Stepp.
Cherry Avenue Apartments
is situated less than one-mile from the ocean and is just three blocks from the
more than 40 shops and restaurants of Retro Row on East 4th Street.
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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