Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $14.95 million off-market sale of 425 Coronado Avenue and 424 Obispo Avenue in the Belmont Heights submarket in Long Beach, CA.
Stepp Commercial Principal Robert Stepp and Senior Vice President Michael Toveg represented the buyer, Santa Monica-based Miramar Capital. The seller was a Los Angeles-based private investor. The price per unit was $311,459.
“This was a rare opportunity for our client to own two large-scale adjacent apartment assets in a prime Belmont Heights location,” said Stepp. “These properties were owned by the seller for 30 years and present a value-add play for the new ownership to renovate and update the unit interiors and exterior to secure a stronger rental income and favorable cash-flow.”
The properties offer a mix of spacious two-bedroom, one-bedroom and studio units and feature a swimming pool in-between the two buildings for residents’ use. Additionally, the assets include 48 parking spaces.