National + Finance | October 2, 2017

Behind the Deal with Stepp Commercial’s Mark Ventre

By Dennis Kaiser

Recently, Los Angeles-based Stepp Commercial completed the $2.13-million sale of Atwater Avenue Apartments, a six-unit, turnkey property in the Los Angeles submarket of Atwater Village. The transaction also marked a record-breaking sale as the property achieved the highest price per unit of $355,000 and highest price per square foot of $461 ever paid for comparable properties in the submarket. Connect Media asked Stepp’s Mark Ventre to go behind the deal in our latest 3 CRE Q&A.

Q: Why is Atwater Village becoming a more attractive rental market?

A: Over the last several years, Los Angeles’ northeast area has increased considerably in popularity among Angelenos. As residents get priced out of the trendier places like Echo Park, they are pushing out into places like Atwater Village, which has now become very trendy itself. Its quiet suburban tree-lined streets and central location is just blocks from Glendale, Los Feliz and Silver Lake, and minutes to Burbank, Pasadena, Hollywood and Downtown LA.

Q: What can sellers do to make their assets secure a top sales price?

A: The best thing sellers can do to their assets is spend the extra money to renovate to a luxury high-end finish for unit interiors, exterior façade and common areas. Tenants notice the attention to detail and it ends up making a significant difference to the property’s desirability and the sellers’ bottom line. Having a turnkey stabilized asset without differed maintenance for which no expenses were spared commands a premium.

Q: Do you see rents in LA’s emerging submarkets like Atwater Village continuing to rise?

A: Most certainly. In Los Angeles there is a ‘perfect storm’ of unbalanced supply and demand for rentals. High barriers to entry for development, unaffordability of single family homes, a forthcoming influx of Baby Boomers that are downsizing, and the new Generation Z just entering the rental market are all key factors. There is no place for rents to go but up, especially for gentrifying locations adjacent to high rent submarkets.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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