Platinum Acquisitions Buys Chelsea Santa Monica For $56.8M From Joint Venture Partnership

The Chelsea Santa Monica is a 53-unit mixed-use building located at 1318 Second Street in Santa Monica, CA, 90401. The property, acquired by Platinum Acquisitions for $56.8 million, was previously owned by a joint venture partnership between Century West Partners and BlackRock Realty Advisors. The transaction resulted in the sellers banking approximately $1.1 million per unit.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $56,800,000.00
• Market: Santa Monica
• Seller's Rep: Ronald Harris (Marcus & Millichap)
• Buyer: Platinum Acquisitions

The acquisition was facilitated by Greg Harris, Ron Harris, Green, and Joseph Grabiec of Marcus & Millichap’s IPA group who represented the seller. Century West Partners, the original acquirer of the property in 2011 for $6 million, transformed the site from an office building to the Chelsea, completing the development in 2016. Platinum Acquisitions, a subsidiary of Kort & Scott Financial Group, successfully completed the purchase earlier this month as per RCA data.