LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3.08 million sale of a 19-unit apartment property in Inglewood in an off-market transaction.
Robert Stepp and Mark Witsken of Stepp Commercial represented the buyer, a private investor from Inglewood. The seller, Lunar Bear Victor, LLC, was represented by Matt Pernice of NW Real Estate Brokers. The transaction closed at a 4.08 percent cap rate.
Built in 1960 and located at 816 Victor Avenue, the property includes nine one-bedroom units, seven two-bedroom units, one three-bedroom unit and two studio units.
“The buyer owns several other assets in the City of Inglewood and plans to completely renovate the property, bring rents to market value, and hold long term,” said Stepp. “The owner of this property will benefit from the billions of dollars of capital that is expected to be invested into the Inglewood area over the next several years. As the LA Rams Stadium and surrounding infrastructure are built up, the residential market is anticipated to thrive as well.”
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million throughout Los Angeles. 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. Specializing in one key market gives Stepp Commercial a competitive advantage which accelerates and ensures client success. For more information visit SteppCommercial.com