Ryan Denk Of Emerald Interests Corporation Acquires 53-Unit Chelsea Apartments In Santa Monica For $33.1M

The 53-unit Chelsea Apartments, located at 1318 2nd Street in Santa Monica, was acquired for a total transaction amount of $33.1 million. This multifamily asset features a price per unit of approximately $624,528. The financing for this acquisition was facilitated through a loan provided by River City Bank.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $33,100,000
• Buyer: Ryan Denk - Emerald Interests Corporation
• Lender: River City Bank
• Mortgage Brokers: Griffin Martin & James DuMars - NorthMarq
• Units: 53
• Price Per Unit: $624,528

The acquisition was structured through entities managed by Emerald Interests Corporation, with Ryan Denk leading the initiative. The buyer aims for a long-term hold on the property, capitalizing on the strong market fundamentals in Santa Monica amidst limited new supply.