WS Communities Sells Three Los Angeles And Santa Monica Multifamily Properties For $76M

WS Communities, led by Neil Shekhter, has sold three Los Angeles and Santa Monica apartment complexes, totaling 177 units, for $76 million. The properties involved in the transaction are located at 1759 Beloit Avenue, 1548 6th Street, and 1539 4th Street. These multifamily assets are situated in the Sawtelle and Santa Monica markets. The transaction was completed on January 2, 2024.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $76,000,000
• Units: 177
• Price Per Unit: $429,379
• Buyer: Greg Fowler - FPA Multifamily
• Seller: Scott Walter & Neil Shekhter - WS Communities
• Lender: JLL Real Estate Capital

FPA Multifamily, represented by Greg Fowler, acquired the three apartment complexes from WS Communities. The buyer utilized $43.4 million in loans from JLL Real Estate Capital to facilitate the acquisition. The sale also incurred approximately $4.3 million in transfer taxes from Santa Monica and Los Angeles.