Condo Converter Pays $53M for 68 Units

MALIBU, CA-Crown Pacific Properties of San Diego has acquired the 68-unit Malibu Bella Mar apartments at 6489 Cavalleri Rd. from a Los Angeles-based private investment group and plans to convert the beach city multifamily property to condominiums, according to Marcus & Millichap.John Walsh of the Encino office of Marcus & Millichap, whose Walsh Group represented the buyer and the seller, reports that the price of more than $779,000 per unit and $400 per sf is believed to be the most ever paid per unit for a comparable conversion property in Southern California.Bella Mar occupies a site of just under 10 acres on a hillside street just north of Pacific Coast Highway on the Point Dume peninsula. The property, which attracted multiple offers, underwent a major reconstruction in 2002 and 2003 is in excellent condition, Walsh says.The four-building complex of four-story buildings includes 203 side-by-side at-grade garage spaces, a ratio of three spaces per unit, and is landscaped with large eucalyptus and palm trees and other plantings. It features controlled access gated parking with video cameras, a golf practice facility, two tennis courts, a swimming pool and spa area with cabana, a jogging track, a basketball court and a fitness center.Built in 1993, the property--which carries a final recorded condo tract map--consists of 40 two-bedroom units and 28 three-bedroom units. It sits on just under 10 acres and is designed with five floor plans and the types of amenities that condo conversion buyers look for in apartment complexes.Among these are fireplaces in living rooms and some master bedrooms, granite kitchens, garage storage, soundproofing to condo standards, dual-glazed windows, oversized closets, central HVAC, custom oak cabinetry, gas stoves and ovens, and a washer, dryer, and refrigerator in every unit. Some units include cathedral ceilings, wet bars, skylights, spa tubs, oversized patios and custom flooring.