SANTA MONICA – Transwestern today announces it arranged the sale of a two-story, seven-unit apartment building located at 1127 18th St. in Santa Monica, California. Transwestern Senior Vice Presidents John Swartz and Josh Kaplan represented the seller, a private family, in the $2.93 million sale.
“The property was approximately 50 percent under market rent, representing a significant value-add opportunity to increase rents and undertake capital improvements as units become available,” said Swartz. “The strong buyer interest demonstrates a continued investor appetite for properties located in premium submarkets throughout Los Angeles where there is limited new supply projected.”
Apartment rents in Santa Monica have continued to rise with the current submarket vacancy rate at 3.3 percent. The property at 1127 18th St. is comprised of two one-bedroom units and five two-bedroom units and is located in proximity to Silicon Beach, Third Street Promenade and shopping on Montana Avenue.
Transwestern is a privately held real estate firm of collaborative entrepreneurs whodeliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.