Private Investor Acquires MultiFamily In Santa Monica For $2.7M

The property involved in the transaction is a fully occupied, six-unit apartment building located at 919 20th St in Santa Monica, CA, 90403. The asset, a bungalow-style property, consists of three two-bedroom units and three one-bedroom units on a lot spanning over 8,000 square feet. The deal closed for a total price of $2.7 million, reflecting a price of $450,000 per unit. The sale transpired on August 25, 2016, in Santa Monica market.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $2,700,000.00
• Buyer: Private Investor
• Buyer's Representative: Kimberly Stepp (Stepp Commercial)
• Seller: Devlaur LLC
• Market: Santa Monica

Principal Kimberly Roberts Stepp from Stepp Commercial acted as the representative for both the seller, Devlaur LLC, based in LA, and the buyers, private investors from San Diego. The deal was finalized at a cap rate of 3.4%, showcasing a successful transaction between interested parties in the real estate market.