Stepp Commercial Completes $2.65 Million Sale of 13-Unit Apartment Property in Downtown Long Beach

LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.65 million sale of a 13-unit apartment property in Downtown Long Beach, Calif.

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, Santa Barbara-based 336 E 8th LLC, as well as the buyer, a private investor from Signal Hill. The property closed at a 4.3 percent cap rate and a price per unit of nearly $204,000.

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