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7/30/19
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A 24-unit apartment building in Santa Monica sold for just over its asking price of $10 mil, which works out to around $416k/unit. An undisclosed New York buyer acquired the asset from a 3rd generation ownership entity of over 50 years.
The property is located at 1132 and 1138 Princeton St, west of Bundy Dr and just north of Wilshire Blvd. It consists of two separate parcels totaling over 31k sf of land.
Rich Johns with KW Commercial and Darin Spillman of Hudson Partners Inc brokered the deal on behalf of the buyer and the seller. The property, which received multiple qualified offers, sold at 18.4 times current income.
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