LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.88 million sale of San Antonio Apartments, a 20-unit apartment community in the Bixby Knolls submarket of Long Beach, Calif.
Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial represented the seller, a private LLC. The buyer was a private investor. The property closed at a 4.2 percent cap rate and a price per unit of $243,750.
Built in 1948, this 22,247-square-foot, two-story building is located at 1090 E. San Antonio Drive, and consists of 20 units on an oversized lot, comprising 16 one-bedroom/one-bathroom units and four studio units. The property features balconies and beautifully landscaped grounds, as well as 11 private parking garages.
“The affluent Bixby Knolls is a highly desirable residential area in Long Beach,” said Stepp. “The property is advantageously positioned across the street from the beautiful Bixby Knolls Park. The buyers plan to add value to the property, which offers a potential 15 percent rental increase in a non-rent-controlled market.”
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily property 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