Santa Monica Multifamily Nets Record-Setting Price

A 38-unit multifamily community at 301 Ocean Ave. in Santa Monica recently sold to an Asian private investor for $70 million. Marquis Property Company Ltd. purchased the three-story 37,989-square-foot property in 2013 after it had been boarded up for a number of years. The price was undisclosed.  

CBRE’s Laurie Lustig-Bower and Kamran Paydar represented Marquis in the transaction. Eric Chen represented the buyer in the deal.

“We are pleased to have achieved a record-setting price for the seller and to have assisted an international buyer in acquiring this trophy asset,” said Lustig-Bower.

The community was originally constructed in 1952. The property was completely remodeled and rebuilt between 2015 and 2017, reducing the number of units from the original 47. The new units feature oversized private outdoor space, many with private rooftop terraces overlooking the ocean.

“The buyer is planning to hold this property as a long-term investment,” adds Chen. “They view this asset as a generational asset, and they appreciate the complete renovation the seller had completed to transforming it into the most unique and high-end building on Ocean Avenue.”

Amenities also include a fitness center, a courtyard, yoga studio and business center. The community, which also features 24/7 concierge service, is within walking distance to the beach.

“This beachside community is spectacular in every way,” said Paydar. “Its high-quality amenity package, unmatched location and ocean views provide the new buyer with a truly special asset in Southern California.”