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November 17, 2019
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SOUTHERN CALIFORNIA NEWS
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Santa Monica Apartment Building Sells for $450k/Unit

6/24/19

A 10-unit apartment property in Santa Monica’s prime Wilshire-Montana neighborhood sold for $4.5 mil, or $450k/unit. The building is located at 829 Euclid St, Just a few doors south of Montana Ave.

John Swartz and Josh Kaplan with Transwestern represented both the buyer, a private LLC, and the seller, a family trust, in the transaction.

“The sale of 829 Euclid St. shows that despite the shifting tides of statewide rent control and a potential bill to repeal Costa-Hawkins in 2020, there is still a high demand for properties in A-plus neighborhoods,” said Swartz. “The surrounding amenities in the Wilshire-Montana neighborhood are major contributing factors to tenant attraction and retention, as well as increased multifamily investor interest in this area.”

The multifamily sector of the Los Angeles real estate market remains healthy with historically low vacancy and strong rental rate growth. According to Moody’s REIS, a commercial real estate research company, average asking rents increased to $2,029 per month, up 3.4% year over year, while the total vacancy rate decreased 10 basis points to 3.6% in first quarter 2019. Established and supply-constrained submarkets on the Westside such as Santa Monica, Brentwood, and Westwood continue to see some of the highest average apartment rents in Southern California due to their growing employment clusters such as Silicon Beach and high quality of life.





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