A private investor has purchased a mixed-use multifamily property at 1617 Broadway in Santa Monica for $9.3 million.

Kidder Mathews’ Darrell Levonian, Tanel Haruzade and Brittney McCarthy represented the buyer.

The mixed-use building was constructed in 2002 and recently remodeled. Located half a mile from the beach, it comprises 15,110 total square feet across three stories, including an updated penthouse with private balconies and a furnished second floor.

The ground floor consists of four live/work units with creative office space on the second and third floors.
The new owner plans to occupy the second floor and rent out the remaining space.

“This property was of great interest to the buyer due to its location in the heart of Santa Monica’s Media District and the high-end renovations throughout. The buyer recognized the value of the opportunity, and we closed the sale in just over three weeks,” Levonian said in a statement.

Outside of sales, Santa Monica is seeing some development in the pipeline as developers take advantage of a loophole in the state law known as the “builder’s remedy,” in which nearly 5,000 residential units are likely to receive approval as a result of the city’s failure to achieve compliance for its housing element last year.

The builder’s remedy limits the ability of a city or other jurisdiction to deny applications for new housing developments while its housing elements is out of compliance. In exchange, eligible projects are required to set aside a requisite number of residential units for rent at below-market rates.

Santa Monica City Council has since voted to adopt a revised version of its housing element, which could restore its discretion over such projects.