Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles
market, has completed the $2.85 million sale of a 12-unit apartment
property located at 5558 to 5562 Dairy Avenue in Long Beach, CA.
Principal Robert Stepp of Stepp Commercial represented the seller, a San
Diego-based private investment group. Travis Traweek of Stepp
Commercial represented the buyer, Los Angeles-based LB View, Inc. The
transaction closed at a 6 percent cap rate and sold at a price per unit of
$237,500.
“This property offered the buyer a turnkey investment in the heart of the
north long beach submarket, an area that is undergoing an infusion of
capital investment with a number of new projects in the various stages of
development,” said Stepp. “We worked with the seller who was in a 1031
exchange and trading out of Long Beach, as well as the buyer who was in
the upleg of an exchange. Ultimately, we provided a smooth transaction
process meeting timely requirements of both 1031s.”
