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Black Equities Group Acquires Santa Monica Multifamily For $39.5M

Property Image
SOLD
$39,500,000
Kevin Green
Joseph "Joe" Grabiec
Gregory (Greg) Harris
+ 3

California

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MultiFamily980 SF
Sold 04/29/2021
the dealplayerscompscontact
Property Image
SOLD

Black Equities Group Acquires Santa Monica Multifamily For $39.5M

1915 Ocean Way, Santa Monica, CA, USA

See Similar Deals
MultiFamily980 SF
Sold 04/29/2021
Kevin Green
Joseph "Joe" Grabiec
Gregory (Greg) Harris
+ 3
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$40,306
Total Square Footage:980 SF
Transaction Type:Sale

The multifamily property located at 1915 Ocean Way in Santa Monica has been sold for a total of $39,500,000. The property consists of 70 units, with a price per unit of $564,285.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $39,500,000
  • Address: 1915 Ocean Way
  • Market: Santa Monica

The buyer of the property is Black Equities Group, represented by Stanley Black. The seller is Equity Residential, represented by Mark Parrell and Sam Zell. The transaction was facilitated by Joseph Grabiec, Greg Harris, and Kevin Green from Institutional Property Advisors, which is part of Marcus & Millichap.

Players

Kevin Green
Marcus & Millichap
Kevin Green
54 deals$3.5B volume(310) 706-4416
BROKER
Gregory (Greg) Harris
Marcus & Millichap
Gregory Harris
36 deals$2.9B volume
BROKER
Joseph "Joe" Grabiec
Marcus & Millichap
Joseph Grabiec
43 deals$3B volume
BROKER
SB
Stanley Black
2 deals$136.5M volume
BUYER
Mark J. Parrell
Equity Residential
Mark J. Parrell
8 deals$857.9M volume
SELLER

Details

SOLD
IMAGE: Kevin Green, Mark Parrell, Stanley Black, Greg Harris, Sam Zell & Joseph Grabiec DATE: 04/29/2021 ADDRESS: 1915 Ocean Way MARKET: Santa Monica ASSET TYPE: Multifamily BUYER: Black Equities Group - Stanley Black SELLER: Equity Residential - Mark Parrell & Sam Zell BROKERS: Joseph Grabiec, Greg Harris & Kevin Green - Institutional Property Advisors - Marcus & Millichap SALE PRICE: $39,500,000 UNITS: 70 ~ PPU: $564,285

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,106,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$140,335.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$187,250.15
Annual Debt Service$2,247,001.82