A fully occupied eight-unit multifamily property located near Michigan Avenue at 1811 19th Street in Santa Monica has sold for $2 million, according to real estate firm Charles Dunn Company.
Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the sellers, two Los Angeles-based family trusts.
The buyer was a private investor from Los Angeles who was represented by Wes Wellman of Wellman Realty Company. The transaction closed at a 4.3 percent cap rate and a per-unit price of $250,000.
“The Santa Monica apartment market is strong with investors waiting on the sidelines to buy assets such as this one,” said Stepp. “This property offered the buyer a significant upside and a value-add opportunity to reposition the property over the next few years.”
Built in 1960, the property includes seven two-bedroom/one-bathroom units and one studio unit. It is located near the future terminal of the much-anticipated light rail line which is expected to be completed in 2015.
