Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $14 million portfolio sale of seven apartment assets totaling 60 units in Long Beach, California.
Principal Robert Stepp and Senior Vice President Todd Hawke of Stepp Commercial represented the seller, a private investor from Long Beach who had owned the assets since the 1980s. Stepp and Hawke also represented the buyer, Santa Monica-based VMG Properties.
“Our seller client was a long-time owner of these assets and decided to dispose of the portfolio in order to pursue a 1031 exchange into a single apartment property in Tampa,” said Stepp. “As current and proposed California legislation makes apartment ownership more challenging, we are seeing a number of local investors seek to acquire assets in more business- and tax-friendly states such as Florida.”
“The new owner of this portfolio is planning to add value by making updates to the unit interiors as well as exterior upgrades,” said Hawke. “Long Beach continues to be an attractive place for young professionals to live as it provides nearby coastal access as well as an impressive number of retail, dining, and entertainment amenities.”