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Long Beach in general, and specifically Downtown Long Beach, is poised for major growth. Rent control was recently voted down in the city, and rents are expected to grow nearly 5% this year. As a result, investment activity has picked up in the market. The renovation and sale of Patio Gardens, a 127-unit garden apartment community, is an example of the opportunities in the market. A private investor purchased the property in 2016 for $35.3 million and sold it this year for $50.8 million. We sat down with Robert Stepp, a principal at Stepp Commercial, to talk about the Long Beach market and its growth.

GlobeSt.com: How do you expect Downtown Long Beach to change in the next few years?

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

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