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3/10/15
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San Antonio Apartments, a 20-unit multifamily property in Long Beach, was purchased by Sherman Oaks-based Rio Company for $2.95 mil ($147.5k/unit). The property is located at 1090 E. San Antonio Dr in the city’s Bixby Knolls area.
Built in 1948, the property includes four studio units and 16 one-bedroom units in two, two-story buildings, as well as a building that includes 11 one-car garages. Situated on approximately one-half acre, the property offers a garden courtyard and retail and dining amenities within walking distance.
Robert Stepp, principal, and Michael Toveg, vice president, with Stepp Commercial, represented the buyer and the seller, Torrance-based Alray Trust. The property closed at a 4.86 percent cap rate.
“This property is located in Bixby Knolls, a prime area with strong rental demand in Long Beach,” said Stepp. “The buyer will soon embark on a full-scale renovation of all the units and will also update the exterior and add a perimeter fence that will help make the large front yard usable outdoor space.”
Bixby Knolls is a submarket of Long Beach adjoining North Long Beach to the north, California Heights on the southeast, and Wrigley on the southwest. Stepp also recently closed escrow on the $6.63 mil sale of Bixby Park Apartments, a 40-unit property located just down the street from San Antonio Apartments.
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