LONG BEACH, CA - Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the nearly $3.18 million sale of Palmdale Apartments, a 24-unit property located in the East Village Arts District of Downtown Long Beach.
Robert Stepp and Michael Toveg of Stepp Commercial, represented the private seller from Riverside, Calif., as well as the buyer, Beverly Hills-based, Forward 6th Street Investments, LLC. The property closed at a 4.57 percent cap rate and a price per unit of nearly $132,500.
Built in 1924 and located at 845 E. 6th Street, the two-story property consists of 23 studio units and one two-bedroom unit. The property was renovated recently to include hardwood floors and granite countertops in all of the units.
“This property is very close to prime Downtown Long Beach and is within the East Village Arts District, a neighborhood that is rapidly growing. New shops, restaurants and entertainment venues are opening on a monthly basis here, and are attracting young professionals looking to experience an urban, amenity-rich lifestyle,” said Stepp.
The buyer plans to add value through additional renovations to the exterior common areas as well as unit upgrades.
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 in Long Beach. 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