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March 23, 2019
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MULTIFAMILY NEWS
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Two Older Santa Monica Apartment Buildings Trade in Deals Worth over $20 Mil

3/01/19

A portfolio of two nearby apartment properties totaling 43 units in prime Santa Monica neighborhoods was sold to two buyers in deals totaling $20.6 mil ($479k/unit). Both properties are near Montana Ave and are within walking distance to Santa Monica Beach, Santa Monica Pier and Third Street Promenade shops and restaurants.

One of the properties, built in 1972, is located on .34-acres at 1115 14th St, north of Wilshire Blvd. The three-story building includes one four-bedroom penthouse unit, two three-bedroom units, 14 two-bedroom units and five one-bedroom units. The property sold for $11.7 mil ($532k/unit) and at a cap rate of 3.46%.

The second property, built in 1957, is located on a prime double corner lot at 855 6th St and the corner of Idaho Ave. The two-story building features an Art Nouveau style entryway, oversized units, ample parking, on-site laundry, and all units include hardwood floors. The unit mix includes two three-bedroom units, six two-bedroom units and 13 one-bedroom units. The property sold for $8.88 mil ($423k/unit) and at a cap rate of 2.3 percent.

Kimberly R. Stepp and Darin Beebower of Stepp Commercial represented the seller, a Los Angeles-based family trust. Stepp also repped the two individual buyers, who were both Los Angeles-based private investors.

“Both properties are located in highly desirable Santa Monica locations, and are pride-of-ownership assets that offered the buyers approximately 50% rental upside and the potential to renovate and reposition them,” said Stepp.





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