Private Investor Acquires MultiFamily Property On Palisades Beach Rd For $6.25M

Sandy Bay Beach Suites, an 11-unit apartment property located at 1401 Palisades Beach Road in Santa Monica, CA, has been sold for $6.25 million. Situated just steps from Santa Monica beach, this asset was sold for a high price per square foot of $1,308.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $6,250,000.00
• Buyer: Private Investor
• Seller: Private Investor
• Buyer's Rep: Kimberly Stepp(Stepp Commercial)

Principal Kimberly Stepp of Stepp Commercial played a crucial role in the transaction, representing both the seller, a Los Angeles-based private investor, and the buyer, another private investor based in Los Angeles. The property, built in 1912, features a stunning beach-front patio with a jacuzzi and fully equipped kitchen, including a Viking grill and stainless-steel appliances. With a unit mix of one four-bedroom unit, five one-bedroom units, and five studios, all recently renovated, this property offers a compelling investment opportunity in the heart of Santa Monica.