Views have value! A 38-unit apartment building on Santa Monica’s Ocean Avenue has just sold for an eye-popping $70 million. On a per-apartment scale, the cost breaks down to $1.84 million per unit, a record for the state, according to the L.A. Business Journal.
The three-story, 37,989 square-foot property was built in 1952, most recently undergoing a major renovation that wrapped in 2017. That rebuild reduced the number of units from 47 to 38.
Local developer Marquis Property Co. bought the building in 2013, and sold the property to an Asian private investor, per the L.A. Business Journal.
The units now feature oversized private outdoor spaces, some with rooftop terraces overlooking the Pacific Ocean. Building amenities include a yoga studio, fitness center, business center and concierge services.
CBRE’s Laurie Lustig-Bower and Kamran Paydar held the listing, while CBRE’s Eric Chen represented the buyer.