LOS ANGELES, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.13 million sale of Atwater Avenue Apartments, a six-unit, turnkey property in the Los Angeles submarket of Atwater Village. The transaction also marked a record-breaking sale as the property achieved the highest price per unit of $355,000 and highest price per square foot of $461 ever paid for comparable properties in the submarket per CoStar records.
Mark Ventre, vice president with Stepp Commercial represented the sellers, private investors from Los Angeles, as well as the buyer, a Los Angeles-based private investor.
“Atwater Avenue Apartments presented the buyer with an amazing opportunity to own a stabilized property in an area that has become very trendy in recent years,” said Ventre. “In fact, Atwater Village is changing so quickly and this property shows so well, that by the time the seller had finished leasing the renovated units, there was already considerable upside in the rents, which was attractive to the buyer.”
Ventre added that due to the seller’s luxurious institutional quality upgrades and attention to detail, this mid-century asset has achieved some of the strongest rents of any similar type property and vintage in Atwater Village.
Built in 1964 and completely renovated in 2015, the two-story property is located at 3322 Atwater Avenue on a quiet street between Glendale Boulevard and Fletcher Drive. The unit mix consists of two one-bedroom units and four two-bedroom units.
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