The Coastal Crimson LLC Acquires 58-Unit Multifamily Property In Venice For $12.4M

A 58-unit apartment building located at 15 Paloma Avenue in Venice was sold for $12.4 million. The property spans 35,066 square feet, equating to a price per unit of $213,793 and a price per square foot of $354. The market saw a significant decrease in investor demand, as the sale price reflects a 34% drop from the initial listing price of $18.9 million in February.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $12,400,000
• Units: 58
• Square Footage: 35,066
• Price Per Unit: $213,793
• Price Per Square Foot: $354
• Buyer: The Coastal Crimson LLC
• Seller: Hollywood-based seller
• Broker: Kitty Wallace & Kalli Knight - Colliers

The transaction involved The Coastal Crimson LLC acquiring the property from a seller based in Hollywood, facilitated by brokers Kitty Wallace and Kalli Knight from Colliers, who handled the brokerage of the deal.