Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles
market, has completed the $3.05 million sale of an 8-unit apartment
property located at 315 Cherry Avenue, in the prime Alamitos Beach
neighborhood of Long Beach, CA.
Principal Robert Stepp and Vice President Mark Witsken of Stepp
Commercial represented the seller, LMDG Real Estate Value Fund II
Holdings, an active investment group in the Los Angeles area.
The buyer was Los Angeles-based family office. The closing cap rate was
4.9 percent and the price per unit was $381,250, a high price for the area.
Built in 1923, the building includes six one-bedroom units and two studio
units with charming 1920’s built-ins, interior French doors and modernized
kitchens and baths.
“The seller is known for his quality renovations,” said Stepp. “He acquired
the property, remodeled and landscaped it, and was able to see a high
return within one year.”
