Marquis Property Co. is selling residential buildings in Santa Monica for $ 70 million

The accommodations at 301 Ocean Ave. have private outdoor areas, some with sea views.

A 38-unit apartment building in Santa Monica sold for $ 70 million.
A private investor bought the building from Malibu-based Marquis Property Co.
The property is located on 301 Ocean Ave., across from Palisades Park and within walking distance of the beach.

Laurie Lustig-Bower from CBRE Group Inc. and Kamran Paydar represented the seller on the transaction. Eric Chen from CBRE represented the buyer.
In 2013, Marquis Property bought the building, which had been nailed up for a number of years.

The three-story, 37,989 square meter building was built in 1952. Marquis Property remodeled it from 2015 to 2017. The renovations included reducing the number of units from 47 to 38. All units have private outdoor areas, some with views of the Pacific Ocean.

The property has a fitness center, courtyard, yoga studio and business center. It also has a concierge.
“This beach community is spectacular in every way,” Paydar said in a statement. “The high-quality equipment package, the unsurpassed location and the sea view offer the new buyer a very special advantage in Southern California.”

Its unit sales price of $ 1.84 million is one of the highest in the state, according to CBRE.
“We are pleased to have achieved a record price for the seller and to have helped an international buyer acquire this trophy,” said Lustig-Bower in a statement.

The buyer views the asset as a long-term possession, according to the CBRE.
“They view this asset as a generational asset and appreciate the complete renovation the seller has undertaken to turn it into the most unique and high-quality building on Ocean Avenue,” Chen said in a statement.

Santa Monica is one of the more expensive submarkets for apartment buildings in LA County. The average rental price per unit in the region is $ 3,271 according to the CBRE. That’s a lot higher than the $ 2,911 price in West LA, the $ 2,568 price in the downtown area, and the $ 1,157 price in the South Bay.

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