A 38-unit multifamily community located at 301 Ocean Ave in Santa Monica, CA, was recently sold to an Asian private investor for $70,000,000. The property spans 37,989 square feet and features oversized private outdoor spaces, including private rooftop terraces with views of the ocean. Originally built in 1952, the community underwent a complete remodeling and reconstruction between 2015 and 2017, resulting in the reduction of units from 47 to 38. The property boasts amenities such as a fitness center, yoga studio, business center, courtyard, and 24/7 concierge service. Its prime location offers easy access to the beach, making it a desirable asset in Southern California.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $70,000,000.00
• Address: 301 Ocean Ave, Santa Monica, CA
• Market: Santa Monica
• Seller's Representative: Laurie Lustig-Bower (CBRE)
• Brokers: Laurie Lustig Bower (CBRE)
• Buyer: Private Investor
• Seller: Marquis Property Company Ltd
• SF: 37,989

Laurie Lustig-Bower and Kamran Paydar of CBRE represented the seller, Marquis Property Company Ltd, in the transaction. Eric Chen acted as the buyer's representative. The buyer plans to hold the property as a long-term investment, viewing it as a generational asset due to its unique features and prime location. The buyer appreciated the significant renovation completed by the seller, which transformed the property into a high-end building on Ocean Avenue. The successful deal marked a record-setting price achieved for the seller, and CBRE's representation ensured a seamless acquisition for the international buyer.