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Local Investor Nabs Rare Multifamily Asset

SANTA MONICA, CA—An investor buys a rare generational asset on Second St. in Santa Monica, with plans to renovate and reposition the asset to collect market rents.

By Kelsi Maree Borland | Updated on March 11, 2015

SANTA MONICA, CA—A local investor has purchased a rare generational multifamily property on Second Street in Santa Monica, with plans to renovate and reposition the interior units as they turn. The seller was the original owner of the property, which was built in 1969.

“The seller was the original builder and owned the property for many years,” Tony Azzi of Azzi Advisors tells GlobeSt.com. “He came to the point where most of his original investors had passed away and he was dealing with their grandkids. He was getting older as well, and could no longer wanted to manage the property.” Azzi represented the buyer and the seller in the transaction along with George Azzi of Azzi Advisors.

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