Stepp Commercial Completes $10M CA Sale
- Mar 19, 2018
Los Angeles-area multifamily brokerage firm Stepp Commercial has completed the $10 million sale of a Long Beach, Calif., apartment community near the city’s famed Traffic Circle. The 36-unit, four-story, 32,841-square-foot property is located on an oversized lot at 1625 Redondo Avenue in the Circle Area neighborhood of Long Beach.
Waterford Residential was the buyer of the property, which closed at a 3.6 percent cap rate and a price per unit of $277,639. Stepp Commercial principal Robert Stepp represented the seller. The property features a dozen two-bedroom, two-bath units with patios, 18 one-bedroom, one-bath units and a half dozen studio apartments.
Average square footage ranges from 533 square feet for studio apartments to 987 square feet for two-bedroom residences.
“Near the end of the escrow the seller realized that she had to change the way she transferred title into a trust to help facilitate her exchange into a charity,” Stepp told MHN. “There were several obstacles to get this accomplished in such a short time frame. Both buyer and seller worked together it make it happen.”
Close to beaches
“The Circle Area neighborhood is within convenient walking distance of California State University Long Beach,” Stepp said. “The buyer will benefit from the value-add property’s prime location and rental upside potential.”
The location of the apartment community puts residents directly south of the Pacific Coast Highway and a short distance away from the San Diego Freeway. Recreational opportunities in the area include Recreation Park Golf Course, Orizaba Park, Marina Vista Park, Bluff Park and Alamitos, Junipero and Peninsula beaches. Several shopping and dining options are available just east of the property at the Circle.