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11/11/20
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Christina Development Corporation has acquired a 15-unit, beachfront multi-family residential apartment building in Playa del Rey, on L.A.’s Westside. The property, located at 6615 Pacific Ave, represents the sixth investment in the firm’s current private equity real estate offering, Christina Real Estate Investors 4, LLC (“Christina 4”).
According to westside pros we talked to, the asset likely traded for close to $11 mil, giving it a price of over $700k per unit.
Built in 1968, the building benefits from being located in one of the most sought-after neighborhoods on the Westside, with high barriers to entry. Playa del Rey is situated in the heart of Silicon Beach and is home to tech giants such as Google and Facebook, as well as many successful startups.
The Kenny Stevens Team at Compass represented the buyer in the transaction.
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