Ocean View Apartments Sell for $15.5 Million
After Nearly 40 Offers are Tendered, Winning Buyer Closes in 10 Days on the Santa Monica Property
A much sought-after 25-unit apartment complex along Santa Monica’s tony Ocean Avenue has been sold to a private investment group in a transaction valued at $15,560,000, Colliers International has reported.
Built in 1953, the Ocean View Apartment complex, which is comprised of mostly two-bedroom, one-bath units, many of which have unobstructed ocean views, was acquired by All-West Holdings LLC, a Los Angeles-based investment partnership. The seller was a private family trust. Colliers’ Executive Vice President Kitty Wallace represented the seller and the brokerage firm’s David O’Neil represented the buyer.
“We entertained more than three dozen offers from prestigious groups and individuals from around the globe,” said Wallace. “All buyers were required to submit all-cash offers with no contingencies and 14-day closes. In the end, All-West made the strongest offer that allowed us to close on the property in 10 days.”
Located at 615-617 Ocean Avenue, the apartments are located between San Vicente Boulevard and the California Incline that leads to Pacific Coast Highway. The apartment complex is directly across from Palisades Park with its sweeping views of Santa Monica Bay and its bicycle, walking and jogging trails. Major consumer amenities in close proximity to the apartments include retail shops, grocery stores, restaurants and theaters.
According to Wallace, All-West Holdings LLC paid $622,000 per unit or $694 per square foot with a cap rate of 2.54 percent. The project totals 22,426 square feet.
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