Archstone Communities, the Englewood, CO-based apartment REIT, bought the three buildings at 425 Broadway, 1455 Fourth St. and 1915 Ocean Way from 425 Broadway LLC, 1455 Fourth St. LLC and 1915 Ocean Way LLC, all based in Santa Monica.
Harris and John Walsh of Marcus & Millichap's Encino office represented seller and buyer of the package, which has an overall occupancy of approximately 97%.
Harris tells GlobeSt.com that the portfolio, which included 17,333 sf of retail space, attracted multiple offers because it represented a rare opportunity for a buyer to acquire a large number of units of very high-quality apartments close to the ocean in Santa Monica. "There is very little product like this on the market, and properties of this quality and magnitude rarely change hands," Harris says.
The 229 units include 37 studio apartments and 192 one-bedroom units, many of which have dens and townhome-style designs. The studios range from 370 sf to 540 sf and rent for an average of nearly $1,200 per month. The majority of the one-bedroom units range from 500 sf to 525 sf, with monthly rent averaging about $1,900. Some of the larger den and townhome units range from 1,000 sf to 1,150 sf and rent for up to $3,400 per month.
Some properties feature a rooftop pool, spa, cabanas, theater screening room and an executive boardroom with high-speed Internet connections. The 425 Broadway property was built in 2001 while the Ocean Way property was constructed in 1964 and extensively renovated in 1999. The Fourth Street property includes a portion that was built in 1925 and remodeled in 2002 to bring it up to modern standards as well as a more recently completed portion.
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