LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.8 million sale of CJ Apartments, a 12-unit apartment property located at 1239 12th Street in Santa Monica.
Principal Kimberly R. Stepp of Stepp Commercial represented the parties, a Los Angeles-based family trust seller, and the buyer, a China-based private investor. The closing cap rate was 4.2 percent, the price per unit was $400,000, and price per square foot was $634.
Built in 1961, the three-story property includes six two-bedroom units, five one-bedroom units and one studio. The asset features several units with hardwood flooring, fireplaces, and upgraded kitchens. Additionally, there is ample parking with private enclosed garages.
“The overseas buyer acquired this asset for a long-term investment and plans on making upgrades and improvements over the coming months,” said Stepp. “The new ownership liked the coastal location as well as the opportunity for immediate rental upside as four units were delivered vacant with their previous rents 25 percent below market rate.”
CJ Apartments offers renters a number of local attractions and amenities within walking distance including Third Street Promenade, Christine Emerson Reed Park, UCLA Medical Center, and the Santa Monica Beach and Pier.
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.