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IPA Brokers $58.5M Sale of Pico Lanai Apartment Community in Santa Monica, California

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Pico Lanai in Santa Monica, Calif., features 174 apartments.

SANTA MONICA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Pico Lanai, a multifamily complex located in Santa Monica. Raintree Properties sold the asset to Pacific Reach Properties for $58.5 million, or $336,494 per unit and $868 per square foot.

Situated on 2.8 acres at 2501 Pico Blvd., Pico Lanai Apartments features 174 for-rent units. The property was developed in 1960. The buyer plans to reposition the asset to cater to high-income, tech-savvy millennials, according to IPA.

Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller in the deal.

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