SANTA MONICA, CA—A local investor has purchased 3 One Eleven, a 60-unit apartment complex, from a joint venture between MWest Holdings LLC and GreenOak Real Estate LP for $26.5 million. That sales price equates to $442,000 per unit. The joint venture recently invested $1.5 million into the property, upgrading the 19 of the 60 apartment units.

Located at 3111 4th St. in Santa Monica, the property is located within close proximity to some major technology companies, including Facebook, Google and YouTube. Dubbed Silicon Beach, the overall South Bay area is home to more than 700 new companies that have moved into the area to be a part of the movement. This migration has also created a high demand for housing, and has helped to foster 8.5% rent growth over the last two years. This specific property has 40 million square feet of office space within a three- to five-mile radius.

The property's 60 units range in size from 900 to 1,250 square feet. The upgraded units have stainless-steel appliances, quartz kitchen countertops with ceramic/glass-tiled backsplashes and bamboo-tiled ceramic bathroom walls. The buyer plans to renovate the remaining 41 units. The property's onsite amenities include a rooftop deck with 180-degree city views, a Spanish-style sundeck, a fitness center and laundry facilities on each floor. It also features onsite gated and covered parking and is located only 1.5 miles from the new EXPO light rail station. 

Institutional Property Advisors executive director Greg Harris and directors Kevin Green and Joseph Grabiec represented the joint venture in the transaction. The team represented the MWest of the joint venture in the sale of Keswick Court Apartments, which was purchased by a family investor earlier this year.