Douglas Emmett Acquires Multifamily Property In Santa Monica For $330M
SOLD
$330,000,000
California
See Similar DealsMultiFamily183,333 SF
Sold 05/11/2022
SOLD
Douglas Emmett Acquires Multifamily Property In Santa Monica For $330M
1221 Ocean Avenue, Santa Monica, California 90401, United States
See Similar DealsMultiFamily183,333 SF
Sold 05/11/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$1,800
Total Square Footage:183,333 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$17,599,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,172,420.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,564,368.36
Annual Debt Service$18,772,420.30
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