A family trust has sold a $20.6 million portfolio of two apartment buildings in Santa Monica, Stepp Commercial announced Feb. 28.
Stepp Commercial’s Kimberly Stepp and Darin Beebower represented the seller. Stepp also represented the buyers in both transactions.
The two apartment buildings have 43 units.
A 22-unit building at 1115 14th St. sold for $11.7 million to HSR Management Inc. A 21-unit building at 855 6th St. sold for $8.88 million to Horizon Buildings Inc., records show.
“Both properties are located in highly desirable Santa Monica locations, and are pride-of-ownership assets that offered the buyers approximately 50 percent rental upside and the potential to renovate and reposition them,” Stepp said in a statement.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
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