November 6, 2019– Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4 million off-market sale of 530 Alamitos Avenue in the Alamitos Beach submarket of Long Beach, CA.
Stepp Commercial Principal Robert Stepp and Senior Vice President Michael Toveg represented the buyer, Long Beach-based Keely Partners, as well as the seller, a Long Beach-based private investor. The closing cap rate was 4 percent and the price per unit was just under $167,000.
“Our team represented the seller who was seeking investment opportunities outside of California,” said Stepp. “Often times, long-term owners of California apartment assets looking to maximize returns, either decide to trade into another product type, such as a single-tenant net-leased asset, or turn their attention to property outside of the state in order to enjoy more cash flow and higher cap rates.”
Toveg added, “We aggressively marketed this asset to our exclusive investor database and secured an active buyer in the market who paid full asking price. The buyer identified the ideal opportunity to add significant upside through a strategic repositioning program of this well-located property.”
Built in 1911, the charming property consists entirely of spacious one-bedroom units and features hardwood floors throughout. The property is just a few minutes’ walk to the East Village Arts District and the ocean.