Stepp has completed the $6.75 million sale of Rolling Hills Gardens Apartments, a 24-unit apartment building located at 25925 Viana Avenue, adjacent to Pacific Coast Highway, in Lomita, California.
Executive Vice President Darin Beebower and Associate Rockwell Allen of Stepp Commercial represented the seller, a local private investor, in the transaction. The private buyer was also local to the area. The transaction closed at a 3.3 percent cap rate.
Built in 1963, the two-story building comprises of one studio unit, 13 one-bedroom units, and 10 two-bedroom units with covered parking for each, along with private patios or balconies surrounding a central courtyard and swimming pool. The rare opportunity represented the first time this well-maintained multifamily property had come on the market in over 30 years.
Rolling Hills Gardens benefits from a great location on a quiet cul-de-sac, abutting Rolling Hills Golf Course and Country Club and Rolling Hills Estates, amid the affluent suburban communities that comprise the Palos Verdes Peninsula, one of the most desirable locations is Los Angeles County. It has easy access to the nearby Pacific Coast Highway, the 110 Freeway, and L.A.’s historic Western Avenue.
“This property offers an excellent value-add opportunity, with the potential to implement high-end renovations and substantially increase rental income,” said Beebower. “The transaction set a record for the highest reported price per foot and price per unit, as well as the lowest reported cap rate of any 15-plus unit apartment building ever sold in Lomita.”
The Palos Verdes Peninsula is home to the most scenic terrain in L.A. County, with more than 1,600 acres of protected beaches, bluffs, steep slopes, canyons and ridgelines. Highlights include spectacular ocean views from the bluffs 1,300 feet above the Pacific Ocean, black sand beaches with coves and tide pools, and over 30 miles of hiking and equestrian trails. Residents enjoy the beautiful Southern California lifestyle in one of the iconic beach towns strung along the Pacific Coast Highway/Highway 1, just south of the fabled surf cities Manhattan Beach, Hermosa Beach and Redondo Beach.