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| Greg Harris |
SANTA MONICA, CA– Institutional Property Advisors (IPA), a
division of Marcus & Millichap serving the needs of institutional and major
private real estate investors, has arranged the sale of 3 One Eleven
Apartments, a 60-unit apartment complex in Santa Monica, Calif. The $26,500,000
sales price equates to $442,000 per unit.
IPA
executive director Greg Harris, along with IPA directors Kevin Green
and Joseph Grabiec, advised the seller, a joint venture between MWest
Holdings LLC and GreenOak Real Estate LP. The buyer is a local private
investor.
“Santa
Monica experienced dynamic 2013 rent growth of 8.5 percent and during the last
two years, 3 One Eleven received $1.5 million in capital expenditures,” says
Harris.
“The new owner is in
an excellent position to benefit from continued rent growth and may add value
by continuing the renovation program on the remaining 41 units.”
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| Kevin Green |
“With more than 700 new businesses in the area, and several
tech mainstays, including Facebook, Google and YouTube, the property is at the
epicenter of Los Angeles’s tech and startup community,” adds Green.
“This hub of rapidly rising high-tech businesses, known locally
as ‘Silicon Beach,’ presents 3 One Eleven with an opportunity to foster a
community of resident entrepreneurs supported by more than 40,000,000 square
feet of office space within a three-to-five-mile radius.”
The apartment community is located at 3111 4th St. in Santa
Monica, less than 1.5 miles from the new downtown Santa Monica Expo light rail
station. The upscale Abbot Kinney shopping and dining area is three blocks
away.
Main Street and the
beach are within two blocks of the property and Rose Ave. in Venice, Calif. is
just one block away.
Built in 1971, 3 One Eleven consists of one five-story
building situated on nearly one acre of land. Floor plans range from 900 to
1,250 square feet.
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| Joseph Grabiec |
Upgraded unit interiors include stainless-steel appliances,
new paint, upgraded lighting fixtures, quartz kitchen countertops, modern
ceramic/glass-tiled kitchen backsplashes and bamboo-tiled ceramic bathroom
walls.
The community is gated and offers covered parking and
tuck-under parking spaces. The new rooftop sundeck features expansive
180-degree views of all of Santa Monica and Los Angeles.
Community amenities also include a new
fitness center and on-site laundry facilities with coin-operated machines on
each floor.
The center of the property features a large Spanish-style
tile courtyard with modern lounge furniture and there are two spacious sundecks
with patio tables and lounge chairs in the back.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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