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9/07/16
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Pasadena-based Downstream Exchange Company paid $2 mil for a fully occupied six-unit apartment property in Santa Monica. The property, located at 1937 17th St, was sold by a private investor from Los Angeles.
Built in 1948 and 1960, the two-building property consists of five two-bedroom units and one three-bedroom unit. Some of the units have private patios and formal dining rooms. The well-located asset is one-quarter mile from the new 17th Street/Colorado Blvd. Metro Expo Line station and is just one block from Santa Monica Community College.
Kimberly Roberts Stepp and Aynsley Armbrust with Stepp Commercial, represented the seller in the deal. Stepp also repped the buyer. The transaction closed at a very low cap rate of 2.6 percent and had a price per unit $333k.
“This property offers the buyer a huge value-add opportunity to renovate the asset and increase rents by 100 percent, bringing them to market rate as vacancies occur,” said Stepp. “We garnered a strong amount of interest in this property with a total of eight offers, and closed at one of the lowest cap rates in the market to date for comparable apartment deals in the area.”
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