JV Sells Downtown Santa Monica Mixed-Use Asset
Institutional Property Advisors, a division of Marcus & Millichap, arranged the sale of Chelsea Santa Monica, a 53-unit mixed-use asset with a 5,988-square foot retail component in Santa Monica, Calif. Platinum Acquisitions LLC, a subsidiary of Kort & Scott Financial Group, purchased the asset from a joint venture between Century West Partners and BlackRock Realty Advisors Inc.
Located at 1318 Second St., between Santa Monica Boulevard and Arizona Avenue, just one block from Santa Monica’s famous Third Street Promenade, Chelsea Santa Monica is within three blocks from the beach and just minutes from several dining, shopping and nightlife options. The community features studios, one- and two-bedroom units, ranging in size from 403 to 572 square feet. Amenities include:
- controlled access
- underground parking
- complimentary Wi-Fi
- rooftop lounge
- fire pits and barbecues
- coffee bar
- bike repair station
- bike storage
STRONG LOCAL MULTIFAMILY MARKET
Built in 2016, Chelsea Santa Monica is part of one of the most sought after areas for renters in Southern California. “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,” said IPA Senior Managing Director Kevin Green, in prepared remarks.
The Los Angeles tech scene has taken root on the west side of Santa Monica. Facebook, Google, HBO, Activision, Snapchat and many other companies have offices here, so well-paid jobs have largely contributed to the area’s healthy demographics. The average household income is nearly $122,000 and it is projected to grow 18 percent by 2021.
Greg Harris, Ron Harris, Joseph Grabiec and Green represented the seller in this transaction, but they also procured the buyer. IPA is one of the most active organizations in the multifamily market, having recently orchestrated the sale of a 288-unit Austin community.