LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has successfully negotiated the $3.03 million sale of The Durango Apartments, a two-story, seven-unit multifamily building located at 3108 S. Durango Avenue near Robertson Avenue in the Castle Heights neighborhood of Palms (near Culver City). This was a rare sale as the property was delivered fully vacant.
Principal Kimberly Stepp and Senior Vice President Mark Ventre of Stepp Commercial represented the seller, a local private investor, as well as the buyer, Warner Estates, LLC. The price per unit was $432,000.
“The buyer plans to do a complete renovation of the property that will incorporate high-end finishes and attention to detail to attract residents looking to live and work in the Culver City area,” said Stepp.
“This asset is within a submarket that has been transforming over the past few years as more residents get priced out of downtown Culver City and are still seeking luxury, yet slightly more affordable rental options,” said Ventre.
Built in 1962, the property consists of three three-bedroom units and four two-bedroom units. Close to the Expo light rail line and the 10 freeway, it offers easy access to transportation to downtown Los Angeles, Santa Monica and the beach.
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 steppcommerical.com