RESEDA, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.43 million sale of a 14-unit luxury apartment property in Reseda, Calif.
Principal Robert Stepp and Vice President Mark Witksen of Stepp Commercial, represented the buyer, Los Angeles-based June Quest One, LLC. The seller, Amigo Properties, was represented by The Agency. The property closed at a 4.3 percent cap rate and a price per unit of approximately $316,000.
Built in 2013, the three-story property is located at 7122 Amigo Avenue near the 101 freeway. The property features high-end finishes and appliances in the units, gated parking, secure entrance and an elevator.
“This property offered the buyer an upleg in a 1031 exchange,” said Stepp. “The asset has been well-maintained and offers the buyer a stable cash flow as well as some upside potential now as well as in the future as rents continue to show signs of increasing in the Reseda market.”
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit steppcommercial.com