LONG BEACH, CA - Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $17.3 million sale of a three-property, 108-unit apartment portfolio in Long Beach. Robert Stepp of Stepp Commercial and Bob McCabe from Real Estate Solutions represented the seller, Long Beach-based Northport Realty, as well as two separate buyers.
“Stepp Commercial was able to market these properties and successfully sell them on a tight time frame as the seller was conducting a 1031 exchange into a larger multifamily asset,” said Stepp, president with Stepp Commercial. “The buyers for these assets plan to renovate and upgrade the properties in order to bring rents up to market rates. Additionally, unlike other Los Angeles-area cities with rent control ordinances, they saw the value in the non-rent controlled market that Long Beach has to offer.”
Following is information on the individual properties:
1200-1260 E. 52nd Street in the North Long Beach submarket includes 44 units within six buildings and was sold for $7,175,000 ($163,068 per unit) at a cap rate of 6.24 percent. Built in 1959, the property includes 38 two-bedroom units, three three-bedroom units, two four-bedroom units, and one three-bedroom single family home. Situated on 1.39 acres, it features a controlled access entry, a landscaped central courtyard, on-site laundry, and 18 private garages as well as additional carport parking. The buyer was a Westchester-based private investor.
1870-1890 Harbor Avenue and 1336 W. 19th Street in the Westside/Harbor submarket includes 36 units within four buildings and was sold for $5,745,000 ($159,583 per unit) at a cap rate of 5.64 percent. Built in 1962, the property includes five one-bedroom units, and 31 two-bedroom units. The property features controlled access entry, a landscaped central courtyard, on-site laundry, and 24 private garages. The buyer was Torrance-based SBG REC LLC.
1153-1161 Magnolia Avenue in the Wilmore Historic submarket includes 28 units within two buildings and was sold for $4,373,567 ($156,199 per unit) at a cap rate of 5.61 percent. Built in 1963, the property includes 14 one-bedroom units, and 14 two-bedroom units. The property features controlled access entry, a central courtyard, on-site laundry, and 14 private garages. The buyer for this property was also SBG REC LLC.
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 in Long Beach. 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