LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $5.63 million sale of Durango Village, a 16-unit apartment building located at 3135 S. Durango Avenue, in the rapidly gentrifying Palms neighborhood of Los Angeles, Calif.
Principal Kimberly Roberts Stepp and Senior Vice President Mark Ventre of Stepp Commercial represented the seller, a local private investor, and the buyer was a local family investor. The property closed at a 3.3 percent cap rate, representing one of the lowest cap rates in this area for 2018.
Built in 1957 and with no deferred maintenance, the 15,360-square-foot, two-story building consists of 16 units, comprising three three-bedroom units, seven two-bedroom units, and six one-bedroom units.
“It was great for the seller because we were able to achieve very strong pricing, and fortunate for the buyer that two units became vacant during escrow. The new ownership plans to renovate those units in order to add value, therefore it was a big win right out of the gate,” commented Ventre.
“Durango Village is advantageously located close to the Culver City station on the Metro Expo line, the 10 Freeway, and Culver City’s vibrant downtown center. The central location is adjacent to Beverly Hills and prime Westside,” said Stepp. “The buyer will benefit from this value-add property in an increasingly desirable, up-and-coming Westside location.”
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily property 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