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MDNI Group buys Santa Monica apartments from receivership for $23.5M
The 28-unit property at 901 Ocean Ave. traded for $23.5M, with the buyer also assuming about $2.4M in transaction-related obligations.
A 28-unit coastal multifamily building at 901 Ocean Ave. in Santa Monica has been sold to MDNI Group out of a court-supervised receivership, according to Bisnow. The purchase price was $23.5M, which works out to more than $839,000 per unit.
The transaction also included the buyer taking on roughly $2.4M in transaction-related obligations. CBRE represented the court-appointed receiver, and CBRE announced the sale without naming the buyer, though The Real Deal identified MDNI as a Sherman Oaks-based investor.
The seller was Coastline Real Estate Investments, which acquired the three-story property in 2021 for $33M. Separately in Southern California deals and appointments, Bisnow also highlighted additional Marcus & Millichap transactions, including a $13M sale of a 24,000-square-foot shopping center at 2029 S. Hacienda Blvd. in Hacienda Heights and the $9.5M sale of a 30-unit multifamily property at 7203 Rubio Ave. in Van Nuys.
Bisnow further noted that Marcus & Millichap Capital Corp. secured $6.2M in acquisition financing for the Van Nuys transaction, and that Shopoff Realty Investments received unanimous approval from the Buena Park City Council for a 13.76-acre residential development at 5600 Beach Blvd.