Adding to an uptick in Long Beach’s apartment-building market activity, Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $5.04-million sale of a 21-unit apartment property at 1505 E. 11th St.
Stepp Commercial’s principal Robert Stepp and SVP Michael Toveg represented the seller, a Northern California-based private investor. The buyer was a Long Beach-based private investor.
The controlled-access property, built in 1964, offers a mix of 10 two-bedroom townhouse units, two two-bedroom units, six one-bedroom units and three studio units around a central courtyard. Seven of the units were remodeled with new flooring, paint, modern fixtures. The property provides onsite laundry facilities… as well as eight garages and one surface space.
The post-pandemic recovery in residential real estate is coming to Long Beach, Calif. – just a little bit slower than some other California municipalities, according to a 2021 Q4 Economic Snapshot from the Downtown Long Beach Alliance (DLBA).