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9/18/15
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Pacific Eagle, out of San Francisco, has purchased Villa Malibu, a 68-unit luxury apartment community in the upscale, SoCal coastal community of Malibu. The 10-acre asset was sold by The Carlyle Group for $62 mil in a transaction that works out to almost $912k per unit.
Originally constructed in 1993 and renovated in 2007, the property offers a unique collection of residences situated on a gentle hillside overlooking the Pacific Ocean. Currently operated as a rental property, the project is entitled for residential condominiums through the existing condominium plans and CC&R’s for the property, enabling a non-discretionary conversion from apartments to condominiums.
Villa Malibu contains a mix of eight different floor plans ranging from 1.6k sf to 2.2k sf in a range of two-bedroom, three-bedroom and two- or three-bedroom plus loft configurations. All units contain outdoor balconies or patios. On-site amenities include a state-of-the-art fitness center, two championship tennis courts, a basketball court, a resort-style pool with cabanas, a communal barbeque area, Zen gardens and a fenced dog park.
Madison Partners principals Bob Safai, Darin Beebower, Brad Schlaak and Matt Case represented the seller in the transaction. This marks the third sale that Madison Partners has brokered in Malibu this year. Back in March, the firm established high-water marks for both hotel and multifamily properties in Malibu with the sale of the Malibu Beach Inn for $80 mil, (about $1.7 mil per door) and the 10-unit, oceanfront property at 22648 Pacific Coast Highway for $15 mil.
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