Los Angeles, Calif. September 25, 2024 – Stepp Commercial Group, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.150 million sale of Princess Palms, a 16-unit multifamily property located at 28239-59 Via Princessa in Murrieta, California.
The property sold for approximately $259,375 per unit and $309 per square foot. The cap rate was 5.1% and the gross rent multiplier (GRM) was 11.2.
Robert Stepp and Travis Traweek of Stepp Commercial Group represented the Los Angeles-based seller and buyer.
Built in 1987, Princess Palms spans a 43,560-square-foot lot and features all 2BD/2BA units with sizable private patios. Residents enjoy ample parking with 40 total spaces and the convenience of onsite laundry facilities, as well as a community pool and lounge area.
Located in the desirable residential neighborhood of Murrieta, Princess Palms offers a quiet, upscale suburban lifestyle just north of vibrant Temecula, with easy access to the Greater Los Angeles, Orange County, and San Diego County.
