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10/22/18
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A Torrance-based private investor paid $4.25 mil for The Aloha Apartments, a nine-unit ($472k/unit) apartment property in Santa Monica. The property is located at 501 California Ave, north of Wilshire Blvd at Fifth St, just south of Montana Ave.
Built in 1959, the 7.4k sf, two-story building comprises seven one-bedroom/one-bath units, one two-bedroom/one and a half-bath unit, and one two-bedroom/one-bath unit. The building offers spacious units with vaulted celings and private garages and patios.
The Aloha Apartments are within walking distance of the beach and Santa Monica’s world-famous Third Street Promenade, prestigious Montana Avenue, and Santa Monica Pier. The Santa Monica oceanfront with its distinctive character is a sought-after destination, offering spectacular views, beachside fun, and attractive dining, shopping, and entertainment opportunities.
Kimberly Stepp with Stepp Commercial represented the buyer and the Los Angeles-based seller, the Dinwiddle Family Trust. The property closed at a 3.7% cap rate and price of $573/sf.
“This property offered a rare opportunity to acquire a trophy property five blocks from the beach, in one of the most desirable submarkets of L.A. County,” said Stepp. “Demand for rentals is high in Santa Monica, a magnet for young professionals in entertainment and technology who want to live where they work and play.”
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