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| Kimberly R. Stepp |
Los Angeles, CA - Stepp
Commercial, a leading multifamily brokerage firm in the Los Angeles market, has
completed the approximately $2.1 million sale of a six-unit apartment property
located at 2206-2208 1/2 Ocean Park Boulevard, in the desirable Sunset Park
area of Santa Monica.
Kimberly R. Stepp and Aynsley Armbrust with
Stepp Commercial, represented the seller, Los Angeles-based Gerst Family Trust.
Stepp also represented the buyer, a Los Angeles-based private investor. The property sold for a low cap rate of 3.5
percent, a high price per unit of $337,500, and $605 per square foot, which is
close to record level in the area.
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| Aynsley Armbrust |
"This property
offered a prime location that is walking distance to the Green Street district
of Ocean Park," said Stepp. "The buyer plans to hold this investment
in their portfolio for the long term."
Built in 1948, the
one-story property consists of a six bungalow-style one-bedroom, one-bathroom
units. The units feature hardwood floors, crown molding, and private entrances.
Stepp Commercial is a
brokerage firm specializing in the multifamily sector for properties ranging in
size from $1 million to $50 million.
Stepp Commercial's mission is to provide
apartment owners with a fully integrated sales platform that includes
comprehensive market knowledge and local real estate expertise to successfully
complete any type of multifamily transaction.
For more information visit
http://steppcommercial.com
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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