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6/11/18
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San Antonio Apartments, a 20-unit apartment community in the Bixby Knolls submarket of Long Beach, sold for $4.88 mil, or $244k/unit. The deal closed at a 4.2% cap rate.
Built in 1948, the 22.2k sf, two-story building is located at 1090 E. San Antonio Dr. It consists of 20 units on an oversized lot, comprising 16 one-bedroom/one-bathroom units and four studio units. The property features balconies and beautifully landscaped grounds, as well as 11 private parking garages.
Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, a private LLC. The buyer was a private investor.
“The affluent Bixby Knolls is a highly desirable residential area in Long Beach,” said Stepp. “The property is advantageously positioned across the street from the beautiful Bixby Knolls Park. The buyers plan to add value to the property, which offers a potential 15 percent rental increase in a non-rent-controlled market.”
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