Lewis LLC Acquires Long Beach MultiFamily Portfolio At $6.15M

The sale involved a two-property apartment portfolio located at 1164 Daisy Ave, Long Beach, CA, 90813. The properties, built in 1964 and renovated in 2009, consist of a total of 36 one- and two-bedroom units. The portfolio closed at a selling price of $6,150,000.00, representing a 4.2% cap rate and a price per unit of just under $171k. At the time of the transaction, the portfolio was 97% occupied.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $6,150,000.00
• Market: Long Beach
• Buyer: Lewis LLC
• Buyer's Rep: Robert Stepp (Stepp Commercial)
• Seller: N/A

Robert Stepp, a principal at Stepp Commercial, played a crucial role in the transaction by representing both the seller, an L.A. private investor, and the buyer, a joint venture between MOR Real Estate LLC and Lewis LLC. This deal marks a significant collaboration between these entities in the Long Beach real estate market.