Non-Profit Purchases Santa Monica Multifamily for $14 Million

A non-profit developer has acquired a 40-unit Santa Monica, CA apartment complex with an adjacent vacant lot for potential development or additional amenity space.

The buyer was represented by Guillermo Urias of Keller Williams Pacific Estates. CBRE’s Laurie Lustig-Bower and Kadie Presley Wilson advised the seller, a family trust.

Located at 2033-2101 Virginia Ave., the property had been owned by the seller since the 1970s, and features 24 one-bedroom units and 16 two-bedrooms. The location is near Santa Monica College and Virginia Avenue Park, which is home to the Pico Branch Library, as well as a weekly farmers’ market.

“While the property traded at a sub-1 percent cap rate, the driving force behind the buyer’s acquisition was to provide affordable housing units to the City of Santa Monica,” said CBRE’s Lustig-Bower.

The buyer obtained financing from the City of Santa Monica, with the intent of keeping the units affordable.

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