Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3.95 million acquisition of a 16-unit apartment property located at 11502 to 11506 Adco Avenue in Downey, Calif.
Stepp Commercial’s Senior Vice President Mark Ventre and Executive Vice President Darin Beebower represented the buyer, a Los Angeles-based private investor. The seller was a Los Angeles-based private investor. The property closed at a 4.73 percent cap rate and at a price per unit of just under $247,000.
“This property is well-located in an up-and-coming neighborhood in Downey, one of the most sought-after cities in the 605 Corridor,” said Ventre. “Our buyer-client was on a tight timeframe to secure an upleg in its 1031 exchange. We found an asset that perfectly fit the required criteria, negotiated the purchase agreement and opened escrow with one day to spare for the identification period.”
Built in 1957, the two-building, two-story property was fully occupied at the close of escrow. It consists entirely of one-bedroom units. Fourteen of the 16 units were recently renovated to feature granite kitchen countertops and new flooring. The property features a large central courtyard and gated access and is located between the 710, 5 and 605 freeways.