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7/30/26
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A 28-unit coastal multifamily investment property located along Santa Monica’s Ocean Avenue corridor sold for $23.46 mil, with the buyer assuming approximately $2.4 mil in transaction-related obligations, bringing the total consideration to approximately $26 mil ($928.5k/unit). The property, located at 901 Ocean Ave, was acquired by a private local investor in an all-cash transaction.
Originally constructed in 1961 and 1970, the three story building encompasses 31k sf on a 15k sf double lot with 100 feet of frontage along Ocean Ave. The property includes 18 one bedroom units and 10 two bedroom units. Many residences offer ocean views and private balconies, and the building features a rooftop deck, gated garage parking, a pool, controlled access and multiple lounge areas.
Located between Montana Ave and Wilshire Blvd, the property provides immediate access to Santa Monica’s retail, dining and recreation amenities. Its bluff top positioning along Ocean Avenue offers views of the Pacific Ocean and Santa Monica Mountains, attributes that continue to drive investor interest in the corridor.
The sale was completed through a court supervised receivership overseen by the Superior Court of California, County of Los Angeles, with CBRE representing the court-appointed receiver. CBRE’s marketing process generated 10 offers for the property.
“This property represents one of the most tightly held stretches of Ocean Avenue and attracted significant interest from buyers throughout the marketing process,” said Priscila Nee Executive Vice President at CBRE.
Dan Blackwell, Executive Vice President at CBRE, said the sale is a strong example of the enduring appeal of coastal multifamily assets to global capital sources. “Ocean Avenue north of Wilshire has extremely limited multifamily inventory and long term ownership patterns,” Blackwell said. “The views, the frontage and the scale of this property create a profile that is very difficult to replicate anywhere on the Westside.”
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