Atlanta & Southeast News In Your Inbox
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Stepp Commercial Closes Long Beach Apartment Sale
Stepp Commercial Group, a leading multifamily brokerage firm in the Los Angeles market, completed the $5-million sale of a two-building, 16-unit apartment property located at 916 to 924 St. Louis Ave. in Long Beach.
Robert Stepp, Michael Toveg, Larry Bustamonte and Travis Traweek of Stepp Commercial Group represented the seller, a Long Beach-based private investor. The buyer, also based in Long Beach, was a seasoned investor who owns more than 200 multifamily units locally. The property sold for approximately $417,000 per unit.
“We were able to offer the new ownership assumable financing at a below market rate on this transaction,” said Stepp. “As the market changes, and financing becomes more of a challenge, our firm has been focused creative solutions for buyer and sellers.”
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 onsite laundry facilities.
