JUST SOLD | 52 Units | Long Beach | $18.845M

Long Beach, Calif. February 16, 2024 – Stepp Commercial Group, a leading multifamily brokerage firm in the Los Angeles market, has completed the $18.845 million sale of Park Tower Apartments, a 52-unit multifamily property located at 1741 Park Avenue, Long Beach, Ca.

 

The property sold for approximately $362,404 per unit and $389 per square foot. The cap rate was 5.4% and the gross rent multiplier (GRM) was 11.9.

 

Robert Stepp and Michael Toveg of Stepp Commercial Group represented the Los Angeles-based seller and an international buyer.

 

“Despite an extremely challenging market environment, we were able to achieve both our seller’s and our buyer’s objectives and get the deal closed,” said Stepp. “Our buyer was able to acquire a well-managed, turn-key property that attains robust rents in a highly popular rental market.  Our seller was able to realize a strong price for the asset and plans to deploy the funds into opportunities in other markets.”

 

Built in 1965, Park Tower Apartments is comprised of 28 two-bedroom units and 24 one-bedroom units, all meticulously-renovated with designer-quality interiors.  The property also offers residents a central courtyard with gated pool and pool deck, on-site laundry facilities, an expansive gym, and ample subterranean gated garage parking. Over $3 million in capex was invested by the seller to upgrade electrical and plumbing systems.

 

The property is located two miles from the Douglas Park and California State University Long Beach and is conveniently accessible to the 405 and 710 freeways.