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1/16/15
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A fully occupied, 16-unit multifamily property in Santa Monica sold for $6 mil ($375k/unit). The property is located at 1901 6th St, west of Lincoln Blvd and south of I-10.
Built in 1969, the property consists entirely of large, one-bedroom units that include recently renovated features including new windows, custom cabinetry, wood floors and new appliances. The property also offers controlled access, elevator, laundry room, and secure gated parking. The asset is situated just six blocks from the ocean and is a short walk to Santa Monica Pier and Main Street restaurants and shops.
Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the seller, 1626 North Fuller LLC. The buyer, Unison Investment Company, was repped by John Chu of New Life Properties, Inc. The closing cap rate was 3.7 percent.
“We marketed this property by featuring its prime, Santa Monica location, upside in bringing rents to market rates, and long-term appreciation of the asset,” said Stepp. “Multifamily investments in this very hot submarket will attract investors in 2015 as they continue to pay record prices which are compressing cap rates to all-time lows.”
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