Stepp Commercial Negotiates $9.3M Sale of Multifamily Building in Signal Hill, California

by Amy Works

SIGNAL HILL, CALIF. — Stepp Commercial has arranged the sale of a residential property located at 1867 Temple Ave. in Signal Hill, near Long Beach. Los Angeles-based VMG Properties sold the asset to a Long Beach-based family office for $9.3 million, or $338,543 per unit.

Built in 1964, the two-story hilltop property overlooks Long Beach and sits on a 13,849-square-foot lot. The community offers 13 one-bedroom units and 11 two-bedroom units, as well as 24 subterranean parking spaces. Community amenities include a pool, elevator and close proximity to Hillbrook Park.

Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, while Robert Stepp also represented the buyer in the deal.

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