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.

β€œThe seller had owned this well-maintained asset for 15 years and is selling several Long

Beach properties in order to consolidate and exchange into office product in Northern

California,” said Stepp.