Elkwood Acquires 27-Unit Multifamily Property In Santa Monica For $9.5 Million From Chez Cannes Apartments Partnership

A 27-unit multifamily property located at 1117 6th Street in Santa Monica, CA has been sold for $9.5 million, equating to $351,852 per unit. The property spans 0.34 acres and was built in 1971, positioned just six blocks from the beach.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $9,500,000
• Units: 27
• Price Per Unit: $351,852
• Seller: Chez Cannes Apartments Partnership
• Brokers: Michael Sterman, Elliot Sabag & Jeff Louks - Marcus & Millichap

Elkwood acquired the asset from Chez Cannes Apartments Partnership, with Marcus & Millichap representing both parties in the transaction. The buyer intends to renovate the units and perform exterior improvements on the property.