Kitty Wallace of the Sperry Van Ness West Los Angeles office says the price, about $1.5 million, that was paid for the eight-unit complex at 1128 Euclid St. is not surprising in light of the outlook for the Santa Monica apartment market, where she says population growth is projected at more than 6% over the next 10 years in what is already a very tight market. Wallace represented the seller of the property, 4th Street Venture of Florida, with David Bayat of Coldwell Banker representing the buyer, 9600 LP of Los Angeles.

Built in 1956, the complex includes one three-bedroom-two bathroom house, which rents for $4,000 per month, and six one-bedroom-one bathroom units and one single, with a base rent of $488.

Located just north of Wilshire Boulevard and within walking distance to shopping, restaurants and the beach, the property was 100% rented at the time of the sale. Wallace points out the complex recently was refurbished with hardwood floors, custom paint, new appliances and fixtures.