Santa Monica Apartment Complex On 20th Street Sold For $6 Million

Thursday, 27 Feb 2014, 8:05:00 AM

Brenton Garen

A 20-unit multifamily property located at 1027-1033 20th Street in Santa Monica has sold for $6 million.

Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the seller, Santa Monica-based Eisen, LLC, as well as the buyer, Los Angeles-based 1027 ENA, LLC. The transaction closed at a 3.7 percent cap rate.

Built in 1956, the property is located north of Wilshire and just two blocks south of Montana Ave.

It includes two, three-bedroom/two-bathroom units; 12, two-bedroom/one-bathroom units; and six, one-bedroom/one-bathroom units.

Stepp said this property offered the buyer excellent upside potential as the rents were 67 percent below market rates.

Copyright © 2011 by Santa Monica Mirror. All rights reserved.