A 22-unit apartment property located in the Bixby Knolls submarket of Long Beach sold for $6.6 million last month.
Todd Hawke and Michael Toveg of Santa Monica-based Stepp Commercial represented the seller, a private investor from Long Beach who engaged in a 1031 exchange. Stepp Commercial’s Robert Stepp represented the buyer, a Long Beach-based private investor.
The property, located at 4114 – 4118 Elm Ave., was purchased as a value-add play. The building consists solely of one-bedroom units. In addition to the pool and courtyard, the complex features a sun deck, on-site laundry and 11 parking spaces.
“This was the first time this generational asset had been on the market in 50 years,” Hawke said in a statement. “Featuring a pool and large courtyard as well as upside in rents, the property garnered a significant amount of investor interest.”
“The new ownership liked the significant value-add potential for unit upgrades and enhancing the exterior landscaping and swimming pool area,” Stepp added in a statement. “Our buyer client is an experienced investor who understands the Long Beach rental market and plans to take this asset to a new level that will appeal to young professionals seeking well-located, high-quality Long Beach rental product.”
Located southeast of where the 405 and 710 freeways intersect, Bixby Knolls is a popular neighborhood due to its proximity to Atlantic Avenue’s restaurants and other community amenities, as well as high-paying aerospace and technology employment in the area.
Stepp Commercial has been active in the Long Beach area. Recently, the brokerage transacted a 22-property portfolio at 1726 E. 5th St. for the sale price of $43.2 million. A property at 1716 E. 5th St. called the 5th and Rose Collection sold for $9.3 million.
