LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $10 million sale of 1625 Redondo Avenue, a 36-unit apartment building in the Circle Area neighborhood of Long Beach, Calif.
Principal Robert Stepp of Stepp Commercial represented the seller, a private trust. The buyer was Waterford Residential. The property closed at a 3.6 percent cap rate and a price per unit of $277,639.
Built in 1971, the 32,841-square-foot, four-story building is located on an oversized lot at 1625 Redondo Avenue, and consists of 36 units. The property includes 12 two-bedroom, two-bath units with patios, 18 one-bedroom, one-bath units, and six studios.
“The Circle Area neighborhood is within convenient walking distance of California State University Long Beach,” said Stepp. “The buyer will benefit from the value-add property’s prime location and rental upside potential.”
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily property sector. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit steppcommercial.com