The Mani Brothers' Follow Up to Malibu Inn Buy

MALIBU, CA—The Mani Brothers Real Estate has purchased a multifamily property in Malibu adjacent to the Malibu Inn, which they recently purchased from David Geffen for $80 million. Geffen also sold this property to the Mani Brothers for $15 in million an adjunct transaction.

Located at 22648 Pacific Coast Highway in Malibu, the 10-unit property sits on the ocean side of the street. “The Mani Brothers were attracted to this property because of the scarcity of multifamily in Malibu, specifically on the ocean side of the Pacific Coast Highway,” Bob Safai, a broker at Madison Partners, tells GlobeSt.com, adding that it was “the quality of the asset, the location and the ocean” that drew them to the asset. Safai represented both the Mani Brothers and David Geffen in the transaction.

The 13,516-square-foot garden-style apartment community sits on nearly half an acre and has 90-feet of beach frontage. The property is 100 yards from the Mani Brothers' 47-room Malibu Beach Inn, and has close proximity to Nobu Malibu restaurant and the Malibu Pier. Safai could not comment on what the Mani Brothers plan to do with the property, and we were not able to get in touch with them before the publication of this story.

It is rare to report multifamily transactions in the Malibu submarket. “Multifamily product in Malibu is scarce,” says Safai. “It is an affluent beachside community composed of homes ranging in price from $3 million to $100 million in value. Suffice to say, apartment buildings are a scarcity in this marketplace. With that said, we are about to bring out one of the largest apartment communities in Malibu, called Villa Malibu. The 68-unit complex sits on 11 acres with two tennis courts, a resort like pool with cabanas, a doggy park, a Zen barbeque area, a gym and a coffee bar.”