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MULTIFAMILY NEWS
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Long Beach Multifamily Property Goes for $398k/Unit

8/02/23

Park Villa Apartment Homes, an 18-unit multifamily property located at 1761 Park Avenue in Long Beach, was purchased by an LA-based private investor for $7.165 mil ($398k/unit).

Built in 1963, the property includes four three-bedroom units, 12 two-bedroom units and two one-bedroom units. It features a landscaped courtyard, onsite laundry, eight garages, and 12 tandem surface parking spaces. Recent improvements include new electrical and plumbing systems, new windows, hardwood laminate flooring, custom cabinets, quartz countertops, and stainless steel appliances, among other upgrades.

Robert Stepp and Michael Toveg of Stepp Commercial Group represented the seller, also an LA-based private investor. Stepp Commercial’s Todd Hawke repped the buyer in the deal.

According to Stepp Commercial, the property generated a number of offers. It was sold with assumable financing and presented the opportunity to yield more than an 8% cash-on-cash return in year one for the new ownership.

“This asset is well-located in the Traffic Circle submarket of Long Beach,” said Stepp. “Additionally, the property recently underwent a major renovation to create a turnkey acquisition for the new ownership. Overall, Long Beach continues to experience investor interest and capital infusion as its coastal location and job center attracts young professionals and businesses.”





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