Stepp Commercial Group, a leading multifamily brokerage firm in the Los Angeles market, has completed the $7.165 million sale of Park Villa Apartment Homes, an 18-unit multifamily property located at 1761 Park Avenue in Long Beach, CA.
Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial Group represented the Los Angeles-base seller. The property sold for approximately $398,000 per unit.
Stepp Commercial Group received a number of offers on the asset. It was sold with assumable financing and presented the opportunity to yield more than an 8% cash-on-cash return in year one for the new ownership.
“This asset is well-located in the Traffic Circle submarket of Long Beach,” said Stepp. “Additionally, the property recently underwent a major renovation to create a turnkey acquisition for the new ownership. Overall, Long Beach continues to experience investor interest and capital infusion as its coastal location and job center attracts young professionals and businesses.”
Built in 1963, the property includes a unit mix of four three-bedroom units, 12 two-bedroom units and two one-bedroom units. It features a landscaped courtyard, onsite laundry, eight garages, and 12 tandem surface parking spaces. Recent improvements include new electrical and plumbing systems, new windows, hardwood laminate flooring, custom cabinets, quartz countertops, and stainless steel appliances, among other upgrades.