Douglas Emmett Acquires Multifamily Property In Santa Monica For $330M
1221 Ocean Avenue, Santa Monica, California 90401, United States
$330,000,000
$1,800/SF
Building Size
183,333 SF
Asset Type
MultiFamily
Closing
May 10, 2022
AI
A multifamily property located at 1221 Ocean Avenue in Santa Monica has been sold for $330,000,000. The property consists of 120 units with an average price per unit of $2,700,000. The total square footage of the property is 183,333, with an average price per square foot of $1,800.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $330,000,000
- Address: 1221 Ocean Avenue, Santa Monica
- Market: Santa Monica
The buyer of the property is Douglas Emmett represented by Jordan Kaplan from Douglas Emmett. The seller of the property is Irvine Company represented by Donald Bren from Irvine Company.
Players
Santa Monica MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93