LOS ANGELES, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2 million sale of Venice Beach Apartments, a fully occupied, five-unit apartment property that is just a short walk to Venice Beach. The transaction is also record-breaking with a cap rate of .7 percent – the lowest cap rate ever to record for an apartment property nationwide according to CoStar records.
Kimberly R. Stepp, principal with Stepp Commercial, represented the seller, Los Angeles-based Surf City Realty, as well as the buyer, Los Angeles-based Place Holder DP, LLC.
“This property is in one of Los Angeles’ trendiest areas and presented a huge repositioning play for the buyer,” said Stepp. “The property had significant deferred maintenance and several tenants agreed to relocate during escrow with buyouts which justified the record-breaking cap rate.”
Built in 1922 and located at 22 Paloma Avenue, Venice Beach Apartments is situated on a very desirable, walkable street. The two-story property includes one-, two- and three-bedroom units with private patios.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily sector. 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