December 20, 2019
Colliers International has completed the all-cash sale of a classic mid-century modern apartment building located on Santa Monica’s Ocean Avenue for $25 million. The property located at 1025 Ocean Ave. sold for $1,190,476 per unit or $697 per square foot. Colliers’ EVP Kitty Wallace and her multifamily specialist team represented both the seller, 1025 Ocean Avenue LLC, and the buyer, OW-Aberdeen Alaska St. Owner, LLC.
“When rare opportunities present themselves in high-street locations like this, there is never a shortage of buyers. The challenge for us was finding a cash buyer who could perform under extreme time constraints to accommodate the seller’s time,” said Wallace. “Our team was able to negotiate an all in cash offer and $1 million non-refundable deposit from the buyer and fourteen day due diligence and eight day close for the seller.”
Originally built in 1961 by entertainer-turned-developer Lawrence Welk, the apartment building is perched atop the bluffs of Palisades Park, encompassing 20+1 units wrapped around a central courtyard on approximately 15,000 square feet of prime oceanfront real estate within walking distance to Santa Monica’s world renowned beaches, Third Street Promenade and sits at the core of Silicon Beach’s employment hub.
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