Stepp Commercial has facilitated the sale of Aloha Apartments, a nine-unit community in Santa Monica, Calif. Dinwiddle Family Trust traded the property for $4.3 million or $472,222 per unit. The deal closed at 3.7 percent cap rate. Stepp Commercial represented the seller and the buyer, a Torrance-based private investor.
Located at 501 California Ave., the community is near Santa Monica Boulevard, Ocean Avenue and Interstate 10, approximately 1 mile from Santa Monica Beach and 16 miles from downtown Los Angeles. Additionally, the area offers many shopping, dining and entertainment options on Third Street Promenade and Montana Avenue. Constructed in 1959, the 7,421-square-foot community encompasses a mix of one- and two-bedroom units featuring vaulted ceilings, private garages and patios.
“This property offered a rare opportunity to acquire a trophy property five blocks from the beach, in one of the most desirable submarkets of L.A. County,” said Kimberly Stepp, principal of Stepp Commercial, in prepared remarks.
Earlier this year, the brokerage firm also arranged the sale of San Antonio Apartments, a 20-unit community in Long Beach, Calif.