SANTA MONICA, CALIF. — CBRE has negotiated the $25.9 million sale of a multifamily property along Santa Monica’s Ocean Avenue corridor. The property at 901 Ocean Ave. sold for $23.5 million, with the buyer assuming approximately $2.4 million in transaction-related obligations. A local private investor acquired the asset in an all-cash transaction.
The sale was completed through a court-supervised receivership overseen by the Superior Court of California, County of Los Angeles. Priscilla Nee and Dan Blackwell of CBRE represented the court-appointed receiver.
Originally constructed in phases between 1961 and 1970, the three-story, 30,954-square-foot building features 28 apartments in an mix of one- and two-bedroom layouts. Multiple residences offer ocean views and private balconies. Community amenities include a rooftop deck, gated garage parking, a pool, controlled access and multiple lounge areas.