Stepp Commercial Completes $4.69 Million Sale of Apartment Property in Alamitos Beach Submarket of Long Beach

LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $4.69 million sale of a 14-unit apartment property located 1429 Florida Street in the Alamitos Beach submarket of Long Beach, CA.

Principal Robert Stepp of Stepp Commercial represented the seller, a Long Beach-based private individual. The buyer was a private investor from Santa Monica. The transaction closed at a cap rate of 4.7 percent and a price per unit of nearly $335,000.