10-unit multifamily building in Santa Monica trades for $4.5 million
June 21, 2019
LOS ANGELES – Transwestern Commercial Services (TCS) today announces it has brokered the sale of a 10-unit multifamily building at 829 Euclid St. in Santa Monica’s prime Wilshire-Montana neighborhood. TCS Senior Vice Presidents John Swartz and Josh Kaplan represented both the seller, a family trust, and the buyer, a private LLC, in the transaction valued at $4.5 million.
“The sale of 829 Euclid St. shows that despite the shifting tides of statewide rent control and a potential bill to repeal Costa-Hawkins in 2020, there is still a high demand for properties in A-plus neighborhoods,” said Swartz. “The surrounding amenities in the Wilshire-Montana neighborhood are major contributing factors to tenant attraction and retention, as well as increased multifamily investor interest in this area.”
The multifamily sector of the Los Angeles real estate market remains healthy with historically low vacancy and strong rental rate growth. According to Moody’s REIS, a commercial real estate research company, average asking rents increased to $2,029 per month, up 3.4% year over year, while the total vacancy rate decreased 10 basis points to 3.6% in first quarter 2019. Established and supply-constrained submarkets on the Westside such as Santa Monica, Brentwood, and Westwood continue to see some of the highest average apartment rents in Southern California due to their growing employment clusters such as Silicon Beach and high quality of life.
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Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.