(LONG BEACH, CA)— A three-property, 108-unit multifamily package in Long Beach has just sold for $17.3 million.
Multihousing News reports Stepp Commercial represented two separate buyers who purchased the properties from Long Beach-based Northport Realty.
Robert Stepp, president of Stepp Commercial, says the sale was made on a tight time frame as the seller was conduction a 1031 exchange into a larger multifamily asset.
“Unlike other Los Angeles-area cities with rent control ordinances, they saw the value in the non-rent controlled market that Long Beach has to offer,” Stepp says.
