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6/27/22
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A Los Angeles-based private investor paid $6.5 mil for a 16-unit ($406k/unit) apartment property in the Rose Park neighborhood of Long Beach. The property is located at 640 Stanley Ave.
Built in 1973, the two-building property is situated on a 12.5k sf lot and is composed entirely of spacious two-bedroom, 1.5-bathroom townhome units. The property is just blocks from the trendy Fourth Street/Retro Row area and seven minutes from downtown Long Beach.
Robert Stepp and Michael Toveg of Stepp Commercial represented the buyer and the seller, a Long Beach-based private investor. The deal closed at a 4% cap rate.
According to Toveg, the seller completed a comprehensive renovation of 10 of the units. The buyer liked the prime Rose Park location and the opportunity to add value by updating the unrenovated units and bringing rents to market rates.
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