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CBRE completes sale of 28-unit Santa Monica apartment property
The deal closed through a Los Angeles County, California court-supervised receivership, after CBRE’s marketing generated 10 offers.
CBRE has completed the sale of 901 Ocean Ave. in Santa Monica, a 28-unit coastal multifamily apartment building on the Ocean Avenue corridor, according to ConnectCRE.
The property sold for $23.46 million to a private local investor, who also assumed about $2.4 million in transaction-related obligations, bringing total consideration to approximately $26 million.
ConnectCRE said the sale was carried out through a court-supervised receivership overseen by the Superior Court of California, County of Los Angeles, with CBRE representing the court-appointed receiver.
The three-story building, originally constructed in 1961 and 1970, includes 30,954 square feet on a 15,011-square-foot double lot with 100 feet of frontage along Ocean Avenue, and CBRE’s marketing process generated 10 offers, the outlet reported.