LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the nearly $3.18 million sale of Palmdale Apartments, a 24-unit property located in the East Village Arts District of Downtown Long Beach.
Robert Stepp and Michael Toveg of Stepp Commercial, represented the private seller from Riverside, Calif., as well as the buyer, Beverly Hills-based, Forward 6th Street Investments, LLC. The property closed at a 4.57 percent cap rate and a price per unit of nearly $132,500.
