Stepp Facilitates Record-Breaking LA Sale
The sale of Atwater Avenue Apartments achieved the highest price per unit and price per square foot ever paid for comparable properties in LA submarket Atwater Village.
By IvyLee Rosario
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