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7/09/14
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A private investor paid $2 mil for a fully occupied eight-unit multifamily property in Santa Monica. The property, located near Michigan Avenue at 1811 19th St, was sold by two Los Angeles-based family trusts.
Built in 1960, the property includes seven two-bedroom/one-bathroom units and one studio unit. It is located near the future terminal of the much-anticipated light rail line which is expected to be completed in 2015.
Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the sellers in the deal. The buyer was repped by Wes Wellman of Wellman Realty Company. The transaction closed at a 4.3 percent cap rate and a per-unit price of $250,000.
“The Santa Monica apartment market is strong with investors waiting on the sidelines to buy assets such as this one,” said Stepp. “This property offered the buyer a significant upside and a value-add opportunity to reposition the property over the next few years.”
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