A private investor purchased the building from Malibu-based Marquis Property Co.
The property is located at 301 Ocean Ave., across the street from Palisades Park and within walking distance of the beach.
CBRE Group Inc.’s Laurie Lustig-Bower and Kamran Paydar represented the seller in the transaction. CBRE’s Eric Chen represented the buyer.
In 2013, Marquis Property purchased the building, which had been boarded up for a few years.
The three-story, 37,989-square-foot building was constructed in 1952. Marquis Property remodeled it from 2015 to 2017. Renovations included reducing the number of units from 47 to 38. All of the units feature private outdoor spaces, some overlooking the Pacific Ocean.
The property boasts a fitness center, courtyard, yoga studio and business center. It also has a concierge.
“This beachside community is spectacular in every way,” Paydar said in a statement. “Its high-quality amenity package, unmatched location and ocean views provide the new buyer with a truly special asset in Southern California.”
The per-unit sale price of $1.84 million is one of the highest on record statewide, according to CBRE.
“We are pleased to have achieved a record-setting price for the seller and to have assisted an international buyer in acquiring this trophy asset,” Lustig-Bower said in a statement.
The buyer, according to CBRE, views the asset as a long-term hold.
“They view this asset as a generational asset, and they appreciate the complete renovation the seller had completed to transforming it into the most unique and high-end building on Ocean Avenue,” Chen said in a statement.
Santa Monica is one of the pricier submarkets for multifamily housing in L.A. County. The average rental rate per unit in the area is $3,271, according to CBRE. That’s much higher than the $2,911 rate in West L.A., the $2,568 rate downtown and the $1,157 rate in the South Bay.
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