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10/05/21
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A 38-unit luxury multifamily community in Santa Monica was purchased by an Asian private investor for $70 mil, in a deal that works out to a whopping $1.84 mil per unit. The asset was sold by Malibu-based Marquis Property Company Ltd.
Located at 301 Ocean Ave, the community was originally constructed in 1952. Marquis Property purchased the three-story, 3k sf property in 2013 after it had been boarded up for a number of years. The property was completely remodeled and rebuilt between 2015 and 2017, including reducing the number of units from the original 47. The new apartments feature oversized private outdoor space with many boasting private rooftop terraces overlooking the ocean.
Amenities at the property also include a fitness center, a courtyard emulating those of high-end hotels, yoga studio and business center. The community, which also features 24/7 concierge service, is within walking distance to the beach.
CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller. Eric Chen repped the buyer, who is planning to hold the property as a long-term investment. According to Chen, the buyer views the asset as a generational asset that has been transformed into the most unique and high-end building on Ocean Avenue.
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