Stepp Facilitates Record-Breaking LA Sale
- Sep 18, 2017
Stepp Commercial closed the $2.1 million sale of Atwater Avenue Apartments to Capital Funding Partners. This purchase marks a record-breaking sale as the community achieved the highest price per unit of $355,000 and highest price per square foot of $461 ever paid for comparable properties in the Los Angeles submarket of Atwater Village.
Located at 3322 Atwater Ave., the two-story, six-unit community was originally built in 1964 and underwent renovations in 2015. Floorplans include two one-bedroom and four two-bedroom units. Interior features were updated to offer stainless steel appliances, quartz countertops, new bathtubs and vanities, subway tile backsplash, hardwood-style laminate flooring and mirrored closet doors. Amenities include new landscaping, an upgraded laundry room and a parking spot for each unit.
“The key to positioning stabilized assets in emerging markets such as Atwater Avenue Apartments is to offer tenants unexpectedly high-end finishes and not skimp on any of the interior and exterior upgrades,” Mark Ventre, vice president of Stepp Commercial, told Multi-Housing News. “Doing so commands market-making rents.”
Ventre represented both the buyer and the seller, a private investor from Los Angeles. He said that due to the seller’s quality upgrades and attention to detail, the mid-century asset achieved some of the strongest rents of any similar type property and vintage in the neighborhood.
In May, Stepp also facilitated the sale of a 56-unit apartment portfolio in Long Beach, Calif. for $10.6 million.
Image courtesy of Stepp Commercial