The original SeaCastle building was constructed in 1926 as the Breakers Beach Club Hotel. It was demolished in 1996, after being badly damaged by the Northridge earthquake and a fire that followed two years later.

The vacant lot was sold in 1998 to the Province Group, which rebuilt the complex from the ground up, with the same height and dimensions as the original structure. The complex is located on a 220-ft parcel, just south of the Santa Monica Pier.

"In the acquisition of Sea Castle, we have a trophy asset in an irreplaceable location," says Dale Gruen, senior portfolio manager for SSR Realty Advisors. Designed by Santa Monica-based Killefer, Flammang, Purtill Architects, the complex features an executive boardroom, e-business center, fitness center, a penthouse lounge and 24-hour valet parking.

SSR Western Multifamily LLC has set aside 45 units for low-income renters. Those units will start at $570 a month. Another fifty of the units have been designed for seasonal renters. These "Beach Suites" are custom furnished and equipped with house wares and electronics. Starting at $3,450 a month, they feature custom maid service. The remaining units will start at $1,995 for a studio and $2,195 for a one-bedroom apartment.

Melinda Russell of Hendricks & Partners represented the seller and the buyer in the transaction. The buyer, SSR Western Multifamily LLC, consists of SSR Realty Advisors and The California Public Employees' Retirement System.