April 13, 2016
Long Beach-based Northport Realty sold a three-property, multifamily portfolio in Long Beach to two separate buyers for $17.3 million. Combined, the assets total 108 units, and are part of a 1031 exchange transaction.
Torrance-based SBG REC LLC acquired two assets for more than $10.1 million. An undisclosed Westchester-based private investor acquired the other property for more than $7.1 million. The new owners plan to renovate and upgrade the properties, in order to bring rents up to market rates in a non-rent controlled market.
Stepp Commercial’s Robert Stepp and Real Estate Solutions’ Bob McCabe represented the seller and the two separate buyers.