Stepp Commercial Group, a leading multifamily brokerage firm in the Los Angeles market, completed the $5-million sale of a two-building, 16-unit apartment property located at 916 to 924 St. Louis Ave. In Long Beach.
Robert Stepp, Michael Toveg, Larry Bustamonte and Travis Traweek of Stepp Commercial Group represented the seller, a Long Beach-based private investor. The buyer, also based in Long Beach, was a seasoned investor who owns more than 200 multifamily units locally. The property sold for approximately $417,000 per unit.
“We were able to offer the new ownership assumable financing at a below market rate on this transaction,” said Stepp. “As the market changes, and financing becomes more of a challenge, our firm has been focused creative solutions for buyer and sellers.”
Built in 1963 and 1972, the property includes a unit mix ranging from one-bedroom units to a six-bedroom unit, eight parking spaces, and onsite laundry facilities.
Stepp Commercial Closes Long Beach Apartment Sale
Stepp Commercial Closes Long Beach Apartment Sale
Stepp Commercial Group, a leading multifamily brokerage firm in the Los Angeles market, completed the $5-million sale of a two-building, 16-unit apartment property located at 916 to 924 St. Louis Ave. In Long Beach.
Robert Stepp, Michael Toveg, Larry Bustamonte and Travis Traweek of Stepp Commercial Group represented the seller, a Long Beach-based private investor. The buyer, also based in Long Beach, was a seasoned investor who owns more than 200 multifamily units locally. The property sold for approximately $417,000 per unit.
“We were able to offer the new ownership assumable financing at a below market rate on this transaction,” said Stepp. “As the market changes, and financing becomes more of a challenge, our firm has been focused creative solutions for buyer and sellers.”
Built in 1963 and 1972, the property includes a unit mix ranging from one-bedroom units to a six-bedroom unit, eight parking spaces, and onsite laundry facilities.
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