Stepp Commercial Group, a leading multifamily brokerage firm in the Los Angeles market, recently closed on the $5-million sale of a two-building, 16-unit apartment property located at 916 to 924 St. Louis Ave. in Long Beach. Robert Stepp, Michael Toveg, Larry Bustamonte and Travis Traweek represented the seller – a private investor based in Long Beach – while an experienced local investor with more than 200 units purchased for approximately $417K per unit.
“We were able to offer assumable financing at below market rate on this transaction,” said Stepp. “As financing becomes increasingly challenging due to changing markets conditions our firm has been focused on providing creative solutions for buyers and sellers alike.”
Built in 1963 and 1972 respectively; this property features one bedroom up to six bedrooms units as well as eight parking spaces and laundry facilities onsite .
