Stepp Commercial Completes $2.16 Million Sale of Sixth Street Apartments inLong Beach, CA

Robert Stepp

Long Beach, CA -- Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.16 million sale of Sixth Street Apartments, a nine-unit apartment property in Long Beach, Calif.

Principal Robert Stepp of Stepp Commercial represented the seller, Northpoint Realty from Long Beach, as well as the buyer, VMG Properties from Santa Monica. The property closed at a 4.5 percent cap rate and a price per unit of $240,000.

"This property was purchased as a value-add opportunity and the buyer is planning on making significant renovations to improve the property," said Stepp. "As the Long Beach market continues to strengthen, the demand for well-located, improved rental units increases."

Built in 1961, the two-story property is located at 2320 E. 6th Street and consists of eight two-bedroom units and one one-bedroom unit.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224