If you haven’t heard, 1221 Ocean Avenue (a 120-unit apartment building located just South of Wilshire Boulevard in Santa Monica) has been sold to the Douglas Emmet real estate trust for a whopping $330 million according to The Real Deal.com. Not only is this an impressive purchase, it also means the previous owner of the property, The Irvine Company, no longer has any residential properties anywhere in Los Angeles county.
The 120-unit property in Downtown Santa Monica breaks down to about $1,800 per square foot and it is no surprise. The high-rise rental property proclaiming itself “The Height of Oceanfront Living” features 24-hour concierge, gym, a rooftop pool/deck combo and a full unencumbered view of the ocean and the Santa Monica Pier. Some units in the building lease for $25,000+ per month and are a favorite option for locals looking for short-term, furnished, accommodation during their personal home renovations. The property was known to be the Santa Monica address of a few top tier celebrities like Larry David, Britney Spears, and Dwayne “The Rock” Johnson.
The Douglas Emmet Trust and another unnamed partner finalized the purchase on April 26th and currently have a 55/45 split on the ownership. The Seller, The Irvine Company of Newport, is one of Orange County’s oldest real-estate firms, dating back all the way to the 1860’s with the Irvine Ranch (according to the company website). The company still has some commercial properties in Los Angeles County including Century City tower building at 2121 Avenue of the Stars where former Governor and President Ronald Reagan had offices.
There was just another purchase on Ocean Avenue this past October that topped $70 million for the 38-unit 38,000 sq ft property located at the corner of Ocean Avenue and San Vicente Blvd (301 Ocean Avenue). Selling for roughly $1840/SQFT it was one of the largest purchases on record for California according to the CBRE.
In your 90402 real estate news…..
Six new listings since my last update-
620 17th Street– I listed this state of the art house for $6,950,000. Built custom in 2014, this home feels new and has the WOW-factor – Which I’ve blogged about in the past. As expected, we have multiple offers in hand after two weeks of strategic market exposure.
205 Georgina Avenue– Listed for $11,995,000. Exceptional 21,100 sqft lot with a 1922 Mediterranean Revival style home and guest house.
1923 La Mesa Drive– Listed for $19,750,000. This beautiful La Mesa “rim-side” 1926 Spanish is on the market for the first time in over 60-years! Exceptional Riviera golf course and Santa Monica Mountain views.
740 18th Street– Listed for $7,495,000. Built in 2016, this 4,800 sqft traditional home has a classic floorplan. They already have offers in hand. Last sold in 2015 for $3,175,000.
628 10th Street– Listed for $4,550,000. This is a lot value that is ready to build. Being sold with RTI (Ready to Issue) plans for a 6,000 sqft house and ADU. Last purchased at the end of 2021 for $3,150,000.
331 Palisades Avenue– Listed for $9,998,000. Back on the market and reduced from an original list price of $11,995,000.
One has under contract-
835 San Vicente Blvd– Listed for $19,995,000.
Six have sold-
314 Euclid Street– Sold for $4,135,000. Originally listed for $3,349,000.
723 21st Place– Sold for $4,822,798. Originally listed for $4,700,000.
808 Woodacres Road– Sold for $14,200,000. Originally listed for $20,000,000.
710 25th Street– Sold for $4,650,000. Originally listed for $4,495,000.
707 11th Street– Sold for $6,650,000. Originally listed for $6,495,000.
247 19th Street– Sold for $9,800,000. Originally listed for $9,995,000.