LOS ANGELES, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $7.9 million sale of a 55-unit apartment property in Inglewood in an off-market transaction.
Robert Stepp and Mark Witsken of Stepp Commercial represented the buyer, a private investor from Inglewood. The seller, Ellis Brutman Jersey Properties, LLC, was represented by Matthew Pernice of NW Real Estate Brokers. The transaction closed at a 4.92 percent cap rate.
Built in 1964 and located at 3627 West 104th Street, the property includes 43 one-bedroom, one-bathroom units and 12 two-bedroom, two-bathroom units. Over the past 18 months the seller made significant improvements to the property and leased it at market rents, fully stabilizing the asset.
“The City of Inglewood is an up-and-coming area as billions of dollars of capital is being infused here, which includes the development of the new Los Angeles Rams Stadium,” said Stepp. “This property offered the buyer an opportunity to acquire at an ideal time as values and rents are expected to climb over the next few years.”
Stepp added that the buyer, who owns several other properties in the area, plans to hold the asset long term and make improvements as needed.
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 throughout Los Angeles. 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. Specializing in one key market gives Stepp Commercial a competitive advantage which accelerates and ensures client success. For more information visit SteppCommercial.com