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    Stepp Commercial Completes $3.3 Million Sale of Cherry Avenue Apartments in Retro Row Neighborhood of Downtown Long Beach

    May 18, 2017

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    LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3.3 million sale of Cherry Avenue Apartments, a 12-unit apartment property within the Retro Row neighborhood of Downtown in Long Beach, Calif.

    Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, 546 Cherry Waterford, LLC from Long Beach. The buyer was a private investor from Palos Verdes. The property closed at a 4.4 percent cap rate and a price per unit of $275,000.

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