SoCal Community Sells for $5M
Stepp Commercial brokered the sale of the property located in the Bixby Knolls neighborhood of Long Beach, Calif.
Stepp Commercial has arranged the sale of San Antonio Apartments, a 20-unit community in Long Beach, Calif. The property changed hands for $4.9 million or $243,750 per unit at a 4.2 percent cap rate. Stepp Commercial represented the seller, a private limited liability company. In March, the company arranged the $10 million sale of a 36-unit Long Beach community. The buyer of San Antonio Apartments was a private investor.
Located at 1090 E. San Antonio Drive in the Bixby Knolls neighborhood, the property is near interstates 710, 405 and 605, approximately 20 miles from downtown Los Angeles. Additionally, the community is within four miles of Long Beach Airport. The two-story building was constructed in 1948 and comprises four studios and 16 one-bedroom units, featuring balconies. Characteristics of the community include landscaped grounds and 11 private parking garages.
“The affluent Bixby Knolls is a highly desirable residential area in Long Beach,” said Principal Robert Stepp of Stepp Commercial, in prepared remarks. “The property is advantageously positioned across the street from the beautiful Bixby Knolls Park. The buyers plan to add value to the property, which offers a potential 15 percent rental increase in a non-rent-controlled market.”
Stepp Commercial’s team included Stepp and Senior Vice President Michael Toveg.
Photo via Google Street View