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1/27/17
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Los Angeles-based Realty Holdings PSBJ purchased Atlantic Avenue Apartments, a 20-unit res property in Long Beach, in a recent $3.5 mil transaction. The asset was sold by June Quest One LLC, also out of Los Angeles.
Built in 1979 and located at 5075 Atlantic Ave, just north of Del Amo, the two-story property consists of nine one-bedroom units, 10 two-bedroom units, and one three-bedroom unit. The asset includes 18 garage spaces and nine parking stalls, controlled access entry, and some units feature private balconies.
Robert Stepp, principal of Stepp Commercial represented both parties in the deal. The property closed at a 4.7 percent cap rate and a price per unit of $175k. According to Stepp, the seller is looking to buy a larger property via a 1031 exchange.
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