Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $6.5 million sale of a 16-unit apartment property located at 640 Stanley Avenue in the Rose Park neighborhood of Long Beach. The Rose Park neighborhood is ideally situated just blocks from the trendy Fourth Street/Retro Row area and is just seven minutes from downtown Long Beach.
Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial represented the seller, a Long Beach-based private investor, and the buyer, a Los Angeles-based private investor. The property sold for $406,250 per unit and at a cap rate of 4%.
“Our team originally represented the seller of this asset when it acquired it in early 2019,” said Stepp. “The seller completed a comprehensive renovation of 10 of the units and stabilized the asset and sold it for a significant return on investment.”
Toveg added, “The buyer liked the prime Rose Park location and the opportunity to add value by updating the unrenovated units and bringing rents to market rates.”
Built in 1973, the two-building property is situated on a 12,529-square-foot lot and is composed entirely of spacious two-bedroom, 1.5-bathroom townhome units.