Stepp Commercial Group, a multifamily brokerage focused on the Los Angeles market, recently closed the $7.165-million sale of Park Villa Apartment Homes – an 18-unit multifamily property located at 1761 Park Ave. in Long Beach. Robert Stepp (Principal) and Michael Toveg (SVP) represented the seller – a private investor based in Los Angeles; while Todd Hawke (SVP) represented the buyer from LA as well.
The asset received multiple offers and was sold with assumable financing to yield more than 8% cash-on-cash return for its new ownership in year one itself! According to Stepp, “the property is situated conveniently within Traffic Circle submarket of Long Beach which has been experiencing capital inflow due to its coastal location and job center attracting young professionals & businesses”; it also underwent major renovation prior to this transaction making it turnkey acquisition for new owners!
