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Multifamily

Citrus Suites Apartments

Santa Monica, CA

70 Units

Built in 1964

Value Add

Investment Highlights

  • Rare Opportunity - Represents a rare opportunity for an investor to acquire a fee simple interest in 1 of only 16 West Coast apartment communities (50+ units) located within 300 feet of the sand.
  • Superior Coastal Submarket - Citrus Suites is located steps from the world-renowned Santa Monica Beach and proximate to an endless slate of eclectic restaurants and world-class retailers.
  • Significant Embedded Upside - Citrus Suites is currently 50% vacant (35 units). Opportunity for an investor to reposition the property and complete a comprehensive renovation program.
  • Outstanding Demographics - Santa Monica is one of the most affluent communities on the West Coast with some of the strongest demographics in all of Southern California. Average household incomes in Santa Monica are over $149,000, compared to the City of Los Angeles and Los Angeles County's average income of $99,183 and $95,507, respectively.
  • Robust Employment Drivers - Citrus Suites is located at the epicenter of the Silicon Beach technology hub providing residents with numerous high-paying employment opportunities. The Property is a short walk or drive to an abundance of well-known companies in the technology and entertainment sectors, including Google, Facebook, Netflix, Riot Games, Hulu, Amazon Studios, Viacom, and Lionsgate. Furthermore, the Property is within a 10 mile radius of 118,000,000+ square feet of office and 830,000+ j

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