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Stepp Commercial Closes Long Beach Multifamily Deal
Stepp Commercial Group, a multifamily brokerage focused on the Los Angeles market, completed the $7.165-million sale of Park Villa Apartment Homes, an 18-unit multifamily property located at 1761 Park Ave. in Long Beach.
Principal Robert Stepp and SVP Michael Toveg of Stepp Commercial Group represented the Los Angeles-based seller, a private investor. SVP Todd Hawke represented the buyer, also a Los Angeles-based private investor.
Stepp Commercial Group received a number of offers on the asset. It was sold with assumable financing and presented the opportunity to yield more than an 8% cash-on-cash return in year one for the new ownership.
“This asset is well-located in the Traffic Circle submarket of Long Beach,” said Stepp. “Additionally, the property recently underwent a major renovation to create a turnkey acquisition for the new ownership. Overall, Long Beach continues to experience investor interest and capital infusion as its coastal location and job center attracts young professionals and businesses.”
- ◦Sale/Acquisition
