A 14-unit apartment complex in Santa Monica has traded hands between two private investors for $8.5 million. The sales price equates to $607,000 per unit, which is one of the highest per-unit prices to trade in Santa Monica for the last 18 months. The deal also represented a 3.4% cap rate.

Located at 833 20th Street in Santa Monica steps from amenities on Montana Avenue, the property had six three-bedroom units, six two-bedroom units and two one-bedroom units. It was built in 1969.

Principal Kimberly R. Stepp of Stepp Commercial represented both parties in the deal.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

Los Angeles
Multifamily
Capital Markets
West