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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?

Robert Stepp: Downtown Long Beach is seeing a significant amount of public money being invested in major redevelopment and expansion projects such as the Long Beach Civic Center, Aquarium of the Pacific and Queen Mary Island. Additionally, this market has over 28 residential, mixed-use and retail development projects in various stages of planning and construction.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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