CBRE Completes Receivership Sale of Santa Monica Apartments

CBRE arranged the sale of 901 Ocean Ave., a 28‑unit coastal multifamily investment property located along Santa Monica’s Ocean Avenue corridor. The property sold for $23.46 million to a private local investor, with the buyer also assuming approximately $2.4 million in transaction-related obligations, bringing the total consideration to approximately $26 million.

The sale was completed through a court‑supervised receivership overseen by the Superior Court of California, County of Los Angeles, with CBRE representing the court-appointed receiver. CBRE’s marketing process generated 10 offers for the property.

Originally constructed in 1961 and 1970, the three‑story building encompasses 30,954 square feet on a 15,011‑square‑foot double lot with 100 feet of frontage along Ocean Avenue. Dan Blackwell, EVP at CBRE, said the sale is a strong example of the enduring appeal of coastal multifamily assets to global capital sources.

“The views, the frontage and the scale of this property create a profile that is very difficult to replicate anywhere on the Westside,” said Blackwell.

Where the apartment industry connects. Meet the owners, investors, developers, lenders, brokers, and service providers driving today’s multifamily market at Connect Apartments. Build relationships, uncover opportunities, and stay ahead of what’s next.

Inside The Story

CBRE's Blackwell

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints