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Stepp Commercial, a multifamily brokerage firm in the Los Angeles market, has completed the $9.325 million sale of a 24-unit apartment property located at 1867 Temple Avenue in Signal Hill, a city completely surrounded by Long Beach.
Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial represented the Los Angeles-based seller VMG Properties. Robert Stepp also represented the buyer, a Long Beach-based family office. The property sold for approximately $388,543 per unit, $541 per square foot, and at a cap rate of 3.9%.
“This property is well-located in non-rent-controlled Signal Hill and offers the new ownership an upside in bringing rents to market rates as leases expire,” said Stepp in a statement.
“The new buyers plan to complete renovations on units that haven’t been recently updated, as well as undertake other capital expenditures to maximize value of the asset,” said Toveg.
Built in 1964, the two-story hilltop property overlooks Long Beach and sits on a 13,849-square-foot lot. It includes 13 one-bedroom units and 11 two-bedroom units as well as 24 subterranean parking spaces. 1867 Temple Avenue offers residents a pool, is elevator served, and is adjacent to Hillbrook Park.