Stepp Closes Two Multi-Million-Dollar Deals


Stepp Commercial Principal Robert Stepp represented the seller, Los Angeles-based 765 Cerritos LLC, in the $5.48 mil-lion sale of a 24-unit apartment building located at 138 Elm Ave. “The buyer of this property [San Diego-based La Mirage MPI LLC] was attracted to a turnkey, non-rent controlled Long Beach asset and the build-ing’s highly desirable East Village loca-tion,” Stepp stated. Built in 1914, the 11,744-square-foot property includes 16 studios, and six one-bedroom and two two-bedroom units. Recently renovated, the building includes modern, updated kitchens and a furnished rooftop deck.

Stepp Commercial Senior Vice President Michael Toveg assisted Stepp in the $4.7 million sale of Sea Side Villa, a 22-unit property located at 445 E. 3rd St. “This property is a strategic acquisition with long-term upside in a prime Long Beach submar-ket,” Stepp stated. “Long Beach has become an attractive and more economical coastal alternative for renters seeking an amenity rich, Southern California beach commu-nity.” The Stepp team represented the seller, Los Angeles-based 131 Olive Street LLC. Cochise Capital of Los Angeles was the buyer. Also located in the East Village Arts District, the property was built in 1922 and includes 15 studios and seven one-bedroom units. The apartments were recently renovated and include shared balconies, hard-wood floors, granite countertops in the kitchens and custom tile in the bathrooms.