LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $8 million sale of Anaheim Road Apartments, a 22-unit apartment property in the Park Estates submarket of Long Beach, Calif.
Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial represented both the seller, a private trust, and the buyer, Keely Partners. The property closed at a 3 percent cap rate and a price per unit of $363,636.
Built in 1987, this two-story building is located at 5401 E. Anaheim Rd. and consists of 22 two-bedroom/two-bathroom units. Built on an oversized lot in the prestigious Park Estates district of Long Beach, the property also features 42 subterranean parking spaces.
“Park Estates is one of the most desirable residential districts in Long Beach,” said Stepp. “Its central location near PCH and Long Beach State coupled with its quiet, well landscaped streets maintained by the Park Estates HOA make it one of the more refined residential locations in the city. As equally attractive, the new owners of this property will be able to move forward with bringing the property to market rates.”
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily property sector. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit steppcommercial.com