Stepp Commercial Completes $10 Million Sale of Park Manor Apartments, Two Adjacent Apartment Properties in Desirable Traffic Circle Totaling 42 Units
Long Beach, Calif. October 14, 2024 – Stepp Commercial Group, a leading multifamily brokerage firm in the Los Angeles market, has completed the $10 million sale of Park Manor Apartments, two adjacent multifamily properties totaling 42 units located at 1720 and 1740 Park Avenue in the highly desirable Traffic Circle rental market of Long Beach, Ca.
The value-add properties sold for approximately $240K per unit and $322 per square foot. The cap rate was 4.85% and the gross rent multiplier (GRM) was 12.75.
Todd Hawke, Michael Toveg and Robert Stepp of Stepp Commercial Group represented the Long Beach-based seller and Los Angeles-based buyer.
“Despite an extremely challenging market environment, we were able to achieve both our seller’s and our buyer’s objectives and get the deal closed,” said Hawke. “Our buyer was able to acquire a true value-add asset with strong upside in a highly popular rental market. Our seller was able to realize a strong price for the asset.”
Built in 1962/64, 1720 & 1740 Park Avenue are comprised of 23 two-bedroom units and 19 one-bedroom units as well as ample parking of twenty stand-alone garages and on-site laundry facilities. Both buildings feature new roofs as of 2020 and are 100% electric buildings.
Park Manor Apartments is located just over one mile from California State University Long Beach, with a student population of nearly 37,500 and employed faculty of over 2,000. The Traffic Circle area is just two miles to the Douglas Park employment hub and four miles to Downtown Long Beach with over 40,000 jobs. Additionally, located just a mile from the 405-Freeway, residents can access over a million jobs within a 30-minute commute in the the Southbay, Orange County, Silicon Beach and Downtown Los Angeles.
