LONG BEACH, CA - Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the approximately $6.15 million sale of a two-property apartment portfolio sale adjacent to downtown Long Beach.
Robert Stepp, principal of Stepp Commercial, represented the seller, a Los Angeles-based private investor, as well as the buyer, a Los Angeles-based joint venture between MOR Real Estate, LLC and Lewis, LLC. The portfolio closed at a 4.2 percent cap rate and a price per unit of just under $171,000.
The properties are both two-story and were built in 1964 and renovated in 2009. The first property, 1121 Daisy Avenue, includes 12 one- and two-bedroom units. The second property, 1164 – 1170 Daisy Avenue, includes 24 one-and two-bedroom units. The occupancy of the portfolio was 97 percent upon close of escrow.
“The buyer is planning on renovating the assets over the next several months,” said Stepp. “As it stands now, the current rents are about 14 percent below market value, with some common area improvements made, the upside potential will be even more attractive for the new ownership.”
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. 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. For more information visit steppcommercial.com