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2/25/19
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A 16-unit apartment property in the Rose Park neighborhood of Long Beach sold for $5.2 mil, or $325k/unit. The property is located at 640 Stanley Ave, just blocks from the trendy Fourth Street/Retro Row area and is just seven minutes from downtown Long Beach.
Built in 1973, the two-building property is situated on a 12.5k sf lot and is composed entirely of two-bedroom/1.5-bathroom townhome units.
Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, Long Beach-based Keely Partners LP, and the buyer, a group of private investors. The property sold at a cap rate of 3.6%.
“The asset was owned for more than 15 years by several investors who were looking to pursue other opportunities,” said Stepp. “This property is unique for this area of Long Beach as it offers 16 spacious townhouse-style units and ample parking. The new ownership plans to modernize the units and make exterior improvements.”
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