108-Unit Multifamily Deal Sells for $17.3 Million in Long Beach

Posted on Apr 11 2016 - 10:51pm by Lance Edwards

1153-Magnolia-Avenue (1)(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.