Stepp Commercial Completes $7.9M Sale
- Feb 17, 2016
Los Angeles—In an off-market transaction, multifamily brokerage firm Stepp Commercial has successfully completed the $7.9 million sale of a 55-unit apartment property in the Los Angeles suburb of Inglewood, Calif. The transaction closed at a 4.92 percent cap rate.
Stepp Commercial’s Robert Stepp and Mark Witsken represented the buyer, a private investor based in Inglewood. Matthew Pernice of NW Real Estate Brokers represented the seller, Ellis Brutman Jersey Properties LLC.
“We have a long-standing relationship with the seller and have built a reputation with them on successful multifamily transactions over the years,” Robert Stepp told MHN.
Located at 3627 West 104th Street, the 52-year-old property features 43 one-bedroom, one-bath units and 12 two-bedroom, two-bath units. The seller made substantial improvements to the property during the past 1.5 years.
The property was leased at market rents, fully stabilizing the asset.
“The City of Inglewood is an up-and-coming area as billions of dollars of capital is being infused here, which includes the development of the new Los Angeles Rams stadium,” Stepp said. “This property offered the buyer an opportunity to acquire at an ideal time as values and rents are expected to climb over the next few years.”
The buyer owns several other area properties, Stepp added. The buyer plans on holding the asset long term, making improvements as necessary.