LONG BEACH, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $10.55 million sale of a 56-unit apartment portfolio consisting of three properties in Long Beach, Calif.
Principal Robert Stepp of Stepp Commercial represented the seller, a private investor from Signal Hill, as well as the buyer, Mandek 10 Property Partners, LLC from Corona Del Mar. The portfolio closed at a 4.6 percent cap rate and a price per unit of nearly $189,000.
“This portfolio offered the buyer a solid mix of one- and two-units with rental upside and ample parking,” said Stepp. “Additionally, this is the downleg for the seller in a 1031 exchange who wanted to sell its smaller assets and trade up into a larger, single, turn-key apartment community for easier property management functions. Overall, this increased the seller’s cash flow and provided the buyer with a value-add opportunity in a non-rent controlled market.”
Stepp added that the seller traded into a 71-unit apartment property in Whittier as the upleg in the 1031 exchange.
The three properties include:
765 Cerritos Avenue, a 20-unit property built in 1963
731 Orange Avenue, a 24-unit property built in 1958
933 Alamitos Avenue, a 12-unit property built in 1945
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. 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 steppcommercial.com