SANTA MONICA, CA-A private group of investors has paid $5 million for a 30-unit apartment complex at 2427 4th St. in Santa Monica.It was acquired by a California private partnership known as Ocean Park Apartments LLC. The seller is another California partnership, called simply 2427 4th Street LLC. Phil Seymour of Elite Properties Realty represented the seller and Farah Levi of Audrey Max represented the buyer.
Santa Monica's multifamily market remains strong, recent brokerage reports say, because many prospective tenants are still willing to pay premium rents to live near the ocean and there is little land available for new construction. Vacancies in the area hover around 2%, according to a recent report by Marcus & Millichap Real Estate Investment Brokerage Co., and much of the relatively small amount of new construction that is being done involves the replacement of old rental complexes with modern ones.
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