LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los
Angeles market, has completed the approximately $4.69 million sale of a 14-unit apartment
property located 1429 Florida Street in the Alamitos Beach submarket of Long Beach, CA.
Principal Robert Stepp of Stepp Commercial represented the seller, a Long Beach-based
private individual. The buyer was a private investor from Santa Monica. The transaction
closed at a cap rate of 4.7 percent and a price per unit of nearly $335,000.
“The seller had owned this well-maintained asset for 15 years and is selling several Long
Beach properties in order to consolidate and exchange into office product in Northern
California,” said Stepp.
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