LOS ANGELES, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.25 million sale of Arcadia Terrace Apartments, a 100 percent vacant, oceanfront eight-unit apartment property in Santa Monica. Located at 35 Arcadia Terrace, the property is a short walk from the world-famous Santa Monica Pier and Silicon Beach.
Kimberly R. Stepp, principal with Stepp Commercial, represented the seller, Los Angeles-based Arcadia, LLC, as well as the buyer, Los Angeles-based Purple Investments, LP.
“This property provided an extremely rare opportunity to own a quality asset steps from the sand in the heart of Santa Monica,” said Stepp. “The seller had kept the units vacant and operated furnished short-term rentals and wanted to move its equity to the East Coast. The buyer will be undergoing a major renovation to maximize rent levels.”
Built in 1912, the single-story property consists entirely of one-bedroom had one-bathroom units. Some units feature ocean views.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily sector. 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