Stepp Commercial Group, a multifamily brokerage firm in the Los Angeles market, has completed the $5 million sale of a two-building, 16-unit apartment property located at 916 to 924 St. Louis Avenue in Long Beach, CA.
Robert Stepp, Michael Toveg, Larry Bustamonte and Travis Traweek of Stepp Commercial Group represented the seller, a Long Beach-based private investor. The buyer was a Long Beach-based seasoned investor who owns more than 200 multifamily units in Long Beach. The property sold for approximately $417,000 per unit.
Built in 1963 and 1972, the property includes a unit mix ranging from one-bedroom units to a six-bedroom unit, eight parking spaces, and on-site laundry facilities. Eleven of the units are collecting reliable Section 8 rents.
“Over the past 18 months, Stepp Commercial Group has helped our seller client with the disposition of several properties, executing 1031 exchanges valued in excess of $80 million and increasing their cash flow by 30% by acquiring out of state assets that are less management intensive,” said Stepp in a statement.
He added, “We were able to offer the new ownership assumable financing at a below market rate on this transaction. As the market changes, and financing becomes more of a challenge, our firm has been focused creative solutions for buyer and sellers.”