Where Is Room Has Rent Control In The Santa Monica
Santa Monica Rent Controlled Building Sells for Record $330 1000000
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1900 Pico Boulevard
Santa Monica, CA 90405
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May 23, 2022 -- The former Champagne Towers -- a half-century-old rent control apartment circuitous -- has sold for $330 one thousand thousand, making it the most expensive apartment sale in Santa Monica history.
Co-ordinate to the Los Angeles Business Journal, Santa Monica-based Douglass Emmett purchased the 120-unit circuitous at 1221 Ocean Avenue from Newport Beach-based Irvine Co., for an average of $2.75 1000000 a unit of measurement.
Congenital in 1971 by a development firm controlled past the late bandleader Lawrence Welk, the complex has been domicile to celebrities from Britney Spears to Larry David.
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| Building to right: 1221 Ocean Artery (Los Angeles Architectural Resources) |
Monthly rents at the sixteen-story oceanfront complex range from $two,408 per month to $41,675, according to the maximum allowable rents listed on the City'south Rent Control site.
A full of 46 units listed for less than $x,000 per calendar month, with 68 units renting for between $10,000 and $20,000 per month.
Amenities include a rooftop, ocean view puddle and spa; on-site 24/7 guest concierge service; a rooftop lounge and valet parking, according to Apartments.com.
Owners of rent command buildings in California can heighten rents to marketplace rates under the 1995 Costa Hawkins Rental Act, which went into full effect in 1999.
As a result, the prices of rent control units in Santa Monica accept skyrocketed.
"It's very hard to build that kind of product and you can set your own rents when you take that kind of fully amenitized housing that competes with single family and even kind of surpasses single family unit," Dean Zander, executive vice president at CBRE Group Inc., told the Business Journal.
Co-ordinate to the brokerage, Santa Monica/Marina del Rey had the highest average rent of whatsoever submarket, with rents in the commencement quarter averaging nearly $3,686 a calendar month.
According to Douglas Emmett, the 1221 Ocean Avenue property is 98 per centum leased, and units are an average size of 1,500 foursquare feet.
"Kevin Crummy, the visitor's chief investment officer, said during the earnings call that the company would continue a major renovation on the project," the Journal reported.
"The renovations include upgrading the units and the common areas."
Irvine Co. reportedly paid $44.1 million for the holding in 1998 and completed a $ninety million retrofit/remodeling in 1999 afterwards the complex was badly damaged in the 1994 Northridge earthquake.
The 51-yr-old apartment complex closed for remodeling in 2015, causing a brief pause in the boilerplate toll of an apartment in Santa Monica's ruby-hot rental market.
The 1221 Ocean Artery belongings is the second most expensive commercial real estate sale in the urban center'southward history, co-ordinate to data from Commercial Real Estate Exchange Inc., or Crexi, cited by the Journal.
Where Is Room Has Rent Control In The Santa Monica,
Source: https://www.surfsantamonica.com/ssm_site/the_lookout/news/News-2022/May-2022/05_23_2022_Santa_Monica_Rent_Controlled_Building_Sells_for_330_Million.html
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