Developer Buys Broadway Site for $5 Million: plans to build 46-unit apartment complex

JSM Construction, a Santa Monica-based apartment developer, will build a 46-unit apartment building on a   15,000 square site at 626 Broadway in Santa Monica, which it has just bought for $5 million.The seller was a Long Beach-based private investor. Joseph Gabbaian, Senior Vice President with the Grubb & Ellis West Los Angeles office, represented both the buyer and the seller in the transaction.