Core Downtown Santa Monica Mixed-Use Asset Sold by IPA
SANTA MONICA, Calif., Sept. 13, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Chelsea Santa Monica, a rare, core, 53-unit mixed-use asset with 5,988 square feet of retail space in downtown Santa Monica, California.
“New ownership is well positioned to benefit from Santa Monica’s strong local multifamily market, which is one of the most sought after locations for renters in Southern California,” says Greg Harris, executive managing director.
“Consistently high employment growth due to its proximity to Silicon Beach employers, and the fact that employment currently outpaces new housing supply by seven new jobs per one new multifamily unit, has led to rapidly increased demand for housing,” adds Kevin Green, senior managing director.
“Chelsea Santa Monica is within walking distance to everything residents could want, including scores of restaurants, bars, clubs, the Exposition light rail line, 2 million square feet of office space, and the beach,” adds Ron Harris, executive managing director.
Greg Harris, Ron Harris, Green and Joseph Grabiec, senior director, represented the seller, a joint venture partnership between Century West Partners and BlackRock Realty Advisors Inc., and procured the buyer, Platinum Acquisitions LLC, a subsidiary of Kort & Scott Financial Group. Platinum Acquisitions has acquired nearly $350 million in multifamily product over the last 18 months and plans to continue this acquisition trend in Los Angeles, Orange and San Diego counties.
Built in 2016, Chelsea Santa Monica is located at 1318 Second St. between Santa Monica Boulevard and Arizona Avenue, just one block from Santa Monica’s famous 3rd Street Promenade.
“The Los Angeles tech scene has taken root on the west side of Santa Monica,” notes Grabiec. “Companies like Facebook, Google, HBO, Activision, Snapchat and many others have planted their flags here and the resulting accumulation of high-wage jobs has contributed to the area’s healthy demographics, which include an average household income of nearly $122,000 and is projected to grow 18 percent by 2021.”