Simi Management Acquires Santa Monica MultiFamily Property For $4.4M

The property in question is a multifamily asset located at 833 10th Street in Santa Monica. It consists of 10 units with a total square footage of 8,930. The property was sold at a sale price of $4,400,000, with an asking price of $4,999,000. This translates to a price per unit (PPU) of $440,000 and a price per square foot (PPSF) of $493.

Summary of transaction details

• Property Type: MultiFamily
• Transaction Amount: $4,400,000
• Units: 10
• Price per Unit (PPU): $440,000
• Total Square Footage: 8,930
• Price per Square Foot (PPSF): $493

The buyer of the property is Simi Management, represented by Mehran Nia. The seller is the Dracup Family Trust, with Kathleen Dracup as the owner. The buyer's representative in the deal is Alexander Ghatan from Skyline Property Group.