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8/24/15
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Two recent sales of fully occupied apartment properties in Santa Monica totaled $3.45 mil in deals that closed at or below 3.6 percent cap rates.
One of the properties, at 1405 Ocean Park Blvd, closed at a 3.6% cap rate. It includes all one-bedroom, bungalow-style units with private patios. The property is located in the Green Street district and was a turn-key opportunity for the buyer as it had recently been extensively remodeled.
The other property is located at 2614 Kansas Ave, on an oversized lot of over 11k sf. It includes six, two-bedroom units and one, one-bedroom unit. The sale, which closed at a 3.3% cap rate, provided the buyer with a long-term, value-add opportunity to upgrade the existing building and bring rents up to market rates when units become available.
Kimberly Roberts Stepp, principal with Stepp Commercial, represented the LA-based buyers and sellers, all private investors, in the transactions.
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