ASB Real Estate buys SaMo apartments for $83M
ASB Real Estate Investments just bought a 106-unit apartment complex in Santa Monica for $83 million, or about $783,000 per unit, according to data from Real Capital Analytics.
The seller was a joint venture of Cigna Investments, Century West Partners and Cypress Equity Investments, the group that developed the property, which was built last year.
The five-story complex at 1317 7th Street, dubbed the Gibson Santa Monica, encompasses two buildings. The Class A apartment building also includes 11 affordable-housing units and four retail tenants — a fitness center, yoga studio, restaurant and cafe. It is 96 percent leased, according to CoStar.
ASB, an investment manager based in Washington, D.C., also owns the Watermarke, a luxury high-rise apartment tower in Downtown L.A.
The 12-month average price per unit for similar properties in the SaMo submarket is about $637,000, according to CoStar. At the Gibson, asking rent starts at about $4,200 for a studio.
Century West Partners also has a 494-unit luxury apartment development in the works in downtown Glendale as well as the Next on Sixth mixed-use development in Koreatown.
The Real Deal