Stepp Commercial, a leading multifamily brokerage ?rm in the Los Angeles market, has completed the portfolio sale of two apartment buildings totaling 14 units in Long Beach. The total sale price was $4.53 million with a per unit price of approximately $323,500.
Principal Robert Stepp of Stepp Commercial represented the seller, Paul Fuhrman, Managing Partner of Santa Monica-based Miramar Capital. Stepp and Vice President Todd Hawke of Stepp Commercial represented the individual overseas all-cash buyers.
“Foreign buyers are attracted to U.S. properties because they are able to realize a higher rate of depreciation, and coastal apartment locations like these assets are desirable due to renter demand,” said Stepp.
314 Hermosa Avenue, located in the coveted Alamitos Beach neighborhood, sold for $2.53 million. The property offers eight units with twelve on-site parking spaces, and is just blocks from the shopping, dining and nightlife amenities along Fourth Street/Retro Row.
4231 E. 10th Street, located in rapidly up-and-coming Belmont Heights, sold for $2 million. The property offers six units and ten on-site parking spaces. Residents of this submarket enjoy a quiet, residential ambience with proximity to the beach and walkability to the restaurants and bars on 2nd Street.