LONG BEACH, CA - Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $4.4 million sale of a two-property, 22-unit apartment portfolio in the Belmont Heights submarket of Long Beach. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, Long Beach-based Colonna Trust, as well as the two separate buyers.
“Stepp Commercial has had a long-standing relationship with Colonna Trust. Colonna was in the middle of a 1031 exchange into a tenant-in-common property and on a tight time frame so we decided that selling both assets off-market was the best strategy,” said Stepp. “Michael and I secured two separate all-cash buyers and closed the deals quickly and seamlessly.”
Toveg added: “The properties are located in the prime Belmont Heights submarket where there is a lack of high-quality rental units. The buyers saw the opportunity to purchase assets in an area dominated by older properties with deferred maintenance, and plan to renovate the units to bring the rents up to market value.”
Following is information on the individual properties:
305 Coronado Avenue includes 16 units and was sold for $2.9 million ($181,250 per unit) and at a cap rate of 3.70 percent. Built in 1948, the property includes eight one-bedroom units, and eight studio units. It features on-site laundry and controlled access entry. The buyer was Stockton-based Grupe Properties.
539 Coronado Avenue includes six units and was sold for $1.5 million ($250,000 per unit) and at a cap rate of 4.08 percent. Built in 1969, the property includes all two-bedroom units. It features eight private garages, on-site laundry, and controlled access entry. The buyer was Long Beach-based Seaward Road Enterprises, LLC.
The Belmont Heights submarket offers renters easy access to the ocean, Downtown Long Beach, and is within walking distance to the trendy shops and restaurants along Retro Row.
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