Stepp Commercial Completes $2.75 Million Sale of Value-Add Apartment Property in Santa Monica

LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $2.75 million sale of a six-unit apartment property located at 2728 Arizona Avenue in Santa Monica.

Kimberly R. Stepp, principal with Stepp Commercial, represented the seller, Chang Family Trust and the buyer was a Los Angeles-based private investor.  The property sold for a low cap rate of 3.1 percent, a high price per unit of nearly $452,000, and a record price per square foot of $644 for the local area.

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