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CBRE completes sale of Santa Monica coastal multifamily for about $26M
The 28-unit property at 901 Ocean Ave. sold in a court-supervised receivership, with CBRE representing the court-appointed receiver and attracting 10 offers during the marketing process.
CBRE has completed the sale of a coastal multifamily property in Santa Monica, California, according to ConnectCRE. The transaction involved 901 Ocean Ave., a 28-unit building on Santa Monica’s Ocean Avenue corridor.
The property sold for $23.46 million to a private local investor. The buyer also assumed about $2.4 million in transaction-related obligations, bringing total consideration to roughly $26 million.
ConnectCRE said 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 asset.
The three-story building was constructed in 1961 and 1970 and totals 30,954 square feet on a 15,011-square-foot double lot with 100 feet of frontage along Ocean Avenue. CBRE executive Dan Blackwell said the combination of views, frontage, and scale makes the property difficult to replicate on the Westside.