The Real Deal Los Angeles

Apartment portfolio hits market at Santa Monica’s 201 Ocean

Nest Seekers International is representing shareholders

March 01, 2016 10:00AM
By Katherine Clarke

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Ryan Serhant and 201 Ocean

Ryan Serhant and 201 Ocean

A portfolio of 40 apartments owned by a group of co-op shareholders is slated to come on the market at 201 Ocean, the tallest residential complex in Santa Monica.

The properties, the first 12 of which are now on the market priced between $1.08 million and $4.7 million, will be marketed exclusively by the Serhant team at Nest Seekers International. They include one-, two—and three-bedroom apartments.

Ryan Serhant, star of “Million Dollar Listing New York,” attended a launch event last Saturday at the building, along with Sebastian Wolski, managing partner of the Serhant Team in Los Angeles.

Serhant said one of the homes is already in contract for $2,500 a square foot. The sales price, $4.35 million, is the highest ever recorded at the complex on a price per square foot basis, he said.

Meanwhile, the median price of a Santa Monica condo was just $1.695 million in the third quarter, according to a recent report by Douglas Elliman.

The Ocean Avenue towers were first build as rentals in 1971 but were converted to co-ops in 1976, records show. The 40 available units were recently renovated, Serhant said.

Correction: A previous version of this story said the $2,500 a foot condo sale at 201 Ocean set a record for the neighborhood. In fact, there has been a pricier sale.