The property involved in this transaction is a multi-family asset known as Sandpiper Apartments, located at 14515 Leffingwell Rd, Whittier, CA, with a sale price of $14,400,000.00. The asset comprises 71 units, including 41 two-bedroom units, 29 one-bedroom units, and one studio. The property, which is over 50 years old, has seen recent renovations with 55 of the units updated with modern kitchens and new carpets. It closed at a 4.84% cap rate, resulting in an approximate price of nearly $202K per unit.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $14,400,000.00
• Address: 14515 Leffingwell Rd, Whittier, CA
• Market: Whittier
• Units: 71
• Seller's Representative: Michael Toveg-Stepp Commercial, Robert Stepp-Stepp Commercial
• Seller: LA's Westside Capital Partners
• Buyer: A private investor from Long Beach
• Cap Rate: 4.84%
• Renovated Units: 55
• Price per Unit: Nearly $202K

In this transaction, Stepp Commercial played a crucial role in brokering the sale. The principal, Robert Stepp, and vice president, Michael Toveg, represented the seller, who is LA's Westside Capital Partners. The buyer, involved in a 1031 exchange, was a private investor based in Long Beach.