SANTA MONICA, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has successfully negotiated the $1.58 million sale of The Barrington Apartments, a two-story, seven-unit multifamily building located at 2280 S. Barrington Ave. in a prime neighborhood in West Los Angeles.
Principal Kimberly Stepp and Senior Vice President Mark Ventre Stepp Commercial represented the seller, Hargis, LLC, as well as the buyer, Ivy Hill Palmdale, LLC. The transaction closed at a low cap rate of 2.7 percent, and the gross rent multiplier was 19.2.
“The buyer plans to reposition the units as they are vacated,” said Stepp. “With attractive landscaping and a redwood-faced balcony, Barrington Apartments is within easy walking distance of shopping, dining and entertainment, making it very convenient for UCLA and Santa Monica College tenants.”
Built in 1955, the property consists of four one-bedroom units and four studio units. Close to the Expo light rail line and the 405 and 10 freeways, it offers easy access to transportation to downtown Los Angeles, Santa Monica, and the beach.
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 steppcommerical.com