INGLEWOOD, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $4.48 million sale of an 18-unit, two-building apartment property in Inglewood in an off-market transaction.
Robert Stepp, principal, and Mark Witsken, vice president with Stepp Commercial represented the buyer, Keely Partners, as well as the seller, Luna Bear Properties, LLC. The closing cap rate was 4.39 percent and the price per unit was just under $249,000.
“The buyer is adding to his portfolio of apartment assets in Inglewood and plans to renovate this property over the next few months in order to bring the rents up to market rates,” said Stepp. “The Inglewood area presents a strong opportunity for investors to experience appreciation over the coming years as the LA Rams Stadium and surrounding developments come to fruition and demand increases for rental housing.”
Built in 1962, the property is located at 946 and 950 W. Beach Avenue. The property includes two two-bedroom units each totaling approximately 1,000 square feet; and 16 three-bedroom units each totaling 1,200 square feet. The property offers a common courtyard between the two, two-story buildings, two laundry rooms, and 27 covered parking spaces with controlled access.
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 Los Angeles County. 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