Willowick Properties Acquires Santa Monica Multifamily For $8.5M

The multifamily property located at 2400 Beverley Avenue in Santa Monica has been sold. The property, owned and built by the same family for 65 years, recently generated over 5 competitive offers in the market. The sale took place on 01/10/2020 for a total price of $8,500,000, resulting in a cap rate of 3.37% and a gross rent multiplier (GRM) of 19.05. The property measures approximately 20,334 square feet, with a price per square foot (PPSF) of $418.02. It consists of 18 units, and the price per unit (PPU) comes out to $472,222. Willowick Properties acquired the property from the W Family Trust. The transaction was facilitated by brokers Adam Zunder and David Weinberger of an undisclosed agency.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $8,500,000
• Address: 2400 Beverley Avenue, Santa Monica
• Market: Santa Monica
• Square Footage: 20,334 SF
• Price Per Square Foot (PPSF): $418.02
• Number of Units: 18
• Price Per Unit (PPU): $472,222
• Cap Rate: 3.37%
• Gross Rent Multiplier (GRM): 19.05

Adam Zunder and David Weinberger represented Willowick Properties as their brokers in the transaction. This successful sale marks the end of a long-standing legacy for the W Family Trust.