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5/03/21
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Black Equities Group has acquired Citrus Suites Apartments, a 70-unit, two-building apartment complex situated just one parcel from the beach in Santa Monica. The property, located at 1915 Ocean Way, at Pico Blvd directly across the street from Hotel Casa Del Mar, traded for $39.5 mil, or $564,285 per unit.
Built in 1964, Citrus Suites Apartments is a five-minute walk from high-paying jobs with major technology start-ups and industry-leading companies such as Salesforce, TrueCar, and PlayQ. Additional employers, including Google, Facebook, Netflix, Riot Games, Hulu, Amazon Studios, Viacom, and Lionsgate are a short walk or drive away. The Santa Monica Station of the Los Angeles Metro’s E Line, which connects riders from Downtown Santa Monica to Downtown Los Angeles is within a mile.
“Citrus Suites Apartments is one of only 16 West Coast apartment communities of 50-plus units located within 300 feet of a sandy beach,” said Kevin Green, IPA senior director. “With 50% of the units vacant due to historical short-term furnished operations, the buyer can immediately execute a large-scale renovation plan and stabilize the property in less time than a traditional value-add opportunity would take.” Green and IPA’s Joseph Grabiec and Greg Harris represented the seller, an institutional investor, and procured the buyer, Black Equities Group. “Santa Monica is one of the most expensive areas of Los Angeles,” added Grabiec. “The median price of a single-family home is $2.6 mil, 72% of the population lives in rental housing, and demand for luxury rental housing is strong.”
“Since 2018, 2.6 msf of office space has been leased by prominent entertainment and technology companies in Santa Monica, Playa Vista, and Culver City,” noted Harris. “This strong growth in employment will further intensify demand for luxury rental housing as more high-income earners move to the area.”
Citrus Suites Apartments’ location gives tenants access to Santa Monica’s unique array of retail boutiques, contemporary eateries, the Santa Monica Pier, Third Street Promenade, and Santa Monica Place. The property’s community amenities include a heated outdoor swimming pool, 24-hour fitness center, and a rooftop deck with beach and ocean views. Apartments have private entrances, gas fireplaces and private balconies.
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