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4/25/17
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A Long Beach-based 1031 exchange investor paid $14.4 mil for Sandpiper Apartments, a 71-unit apartment community in Whittier. The transaction closed at a price of $202.8k/unit and a cap rate of 4.84%.
Built in 1965, the property is situated on 2.09 acres at 14515 Leffingwell Rd, at the intersection with Telegraph Rd. The unit mix includes 41 two-bedroom units, 29 one-bedroom units and one studio. Fifty-five units were recently renovated to include updated kitchens featuring new custom cabinets, granite countertops and stainless steel appliances; as well as new vinyl plank and carpet flooring. The property includes a pool and sun deck, barbeque area, gated carport parking with 93 spaces, controlled access entry, and fully landscaped grounds.
Robert Stepp and Michael Toveg of Stepp Commercial represented the buyer and the seller, Los Angeles-based Westside Capital Partners LLC. According to Stepp, Whittier is a market that currently has an undersupply of quality rental units and the buyer felt this property offered a competitive edge as a majority of the units have been upgraded to attract and retain tenants.
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