LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $3 million sale of a two-property, 15-unit apartment portfolio in the Alamitos Beach submarket of Long Beach. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, Long Beach-based Beach Heights, LLC, as well as the buyer, Orange County-based RyaNik Boca River Holdings, LLC, in an off-market transaction.
“The properties are adjacent to each other and are on large lots just a few blocks from the beach,” said Stepp. “This portfolio was a unique opportunity for the buyer to acquire two value-add properties in Alamitos Beach, a hot, waterfront neighborhood that is centrally located and benefits from proximity to Retro Row, the beach, and Downtown Long Beach.”
Toveg added: “The buyer plans to reconfigure and renovate the units in order to bring them from rental grade to condo quality to meet the growing demand from residents seeking luxury apartments in Long Beach neighborhoods.”
Following is information on the individual properties:
1744 E. 2nd Street includes nine units and was sold for $1,525,000 ($169,444 per unit) and at a cap rate of 4.54 percent. Built in 1910, the property is comprised of seven one-bedroom units, and two studio units. It features on-site laundry and controlled access entry.
1748 E. 2nd Street includes six units and was sold for $1.5 million ($250,000 per unit) and at a cap rate of 4.39 percent. Built in 1921, the property is comprised of two one-bedroom units, and four two-bedroom units. It features on-site laundry and controlled access entry.
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