ASB Real Estate buys SaMo apartments for $83M

Los Angeles /
Dec.December 30, 2016 12:00 PM

ASB Real Estate Investments just bought a 106-unit apartment complex in Santa Monica for $83 million, or about $783,000 per unit, according to data from Real Capital Analytics.

The seller was a joint venture of Cigna Investments, Century West Partners and Cypress Equity Investments, the group that developed the property, which was built last year.

The five-story complex at 1317 7th Street, dubbed the Gibson Santa Monica, encompasses two buildings. The Class A apartment building also includes 11 affordable-housing units and four retail tenants — a fitness center, yoga studio, restaurant and cafe. It is 96 percent leased, according to CoStar.

ASB, an investment manager based in Washington, D.C., also owns the Watermarke, a luxury high-rise apartment tower in Downtown L.A.

The 12-month average price per unit for similar properties in the SaMo submarket is about $637,000, according to CoStar. At the Gibson, asking rent starts at about $4,200 for a studio.

Century West Partners also has a 494-unit luxury apartment development in the works in downtown Glendale as well as the Next on Sixth mixed-use development in Koreatown. — Cathaleen Chen


Related Articles

arrow_forward_ios
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Macerich CEO Thomas O’Hern and Santa Monica Place mall

Here’s what tenants are paying at Macerich’s Santa Monica Place

Here’s what tenants are paying at Macerich’s Santa Monica Place
CEO of Amazon Web Services Andy Jassy

A top Amazon exec buys in Santa Monica

A top Amazon exec buys in Santa Monica
WS Communities CEO Scott Walter and VP of Finance Gregory Proniloff, Madison Realty Capital’s Josh Zegen, 1433 Euclid Street in Santa Monica; and rendering of mixed-use project at 3030 Nebraska Avenue in Santa Monica (Credit: Google Maps and Madison Realty Capital)

WS Communities nabs $150M loan for six renovations and a development site

WS Communities nabs $150M loan for six renovations and a development site
6156 Ramirez Canyon Road and 20 37th Place (Credit: Redfin)

This way to the beach: Homes next to ocean topped priciest sales

This way to the beach: Homes next to ocean topped priciest sales
Shops were looted in Santa Monica (Credit: Mario Tama/Getty Images)

Looters cleared out retailers while police clashed with protesters in Santa Monica and Long Beach

Looters cleared out retailers while police clashed with protesters in Santa Monica and Long Beach
Related California CEO William Witte and the project site (Credit: Google Maps)

Related California eyes latest project in Downtown Santa Monica

Related California eyes latest project in Downtown Santa Monica
From left: Alan, Adam, and Alex Shekhter, with renderings of 501 Broadway and 601 Colorado (Credit: WS Communities and LinkedIn)

Shekhters’ WS Communities lands $157M loan to build 850 rental units in Santa Monica

Shekhters’ WS Communities lands $157M loan to build 850 rental units in Santa Monica
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...