Kort & Scott buys Chelsea Santa Monica apartments from Century West

Seller turned profit after demolishing former office building on site to build residences

Los Angeles /
Sep.September 22, 2017 02:00 PM

Platinum Acquisitions, a subsidiary of Kort & Scott Financial Group, acquired the Chelsea Santa Monica, a 53-unit mixed-use building at 1318 Second Street, for $56.8 million earlier this month, RCA data shows.

The sellers, a joint venture partnership between Century West Partners and BlackRock Realty Advisors, banked roughly $1.1 million per unit in the transaction.

Greg Harris, Ron Harris, Green and Joseph Grabiec of Marcus & Millichap’s IPA group represented the seller.

Century West acquired the property, which was then an office building, for a mere $6 million in 2011. It demolished the office to build the Chelsea, completing the project in 2016.

The Downtown Santa Monica project is a block away from the 3rd Street Promenade. Tenants at Chelsea’s roughly 6,000 square feet of retail space include CaVa and HiHo Cheeseburgers.

Kort & Scott specializes in mobile home communities. Its subsidiary Platinum Acquisitions has acquired nearly $350 million in multifamily product over the last 18 months and plans to continue to acquire in Los Angeles, Orange and San Diego counties, a company representative said.

Platinum paid $20.5 million, or $402 per square foot, for a 56-unit apartment complex just outside Koreatown earlier this year. Century West, led by Steve Fifield and Michael Sorochinsky, has developed multifamily projects in Santa Monica, Downtown L.A. and Koreatown. Its Next on Lex project is under constuction in Glendale.


Related Articles

arrow_forward_ios
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)
Santa Monica mega-portfolio officially hits market
Santa Monica mega-portfolio officially hits market
Rendering of 1411 South Flower Street (Housing Diversity Corporation)
Micro-housing to rise in DTLA Opportunity Zone
Micro-housing to rise in DTLA Opportunity Zone
NMS Properties' Neil Shekhter and renderings of 1325 6th Street, 1437 6th Street, 1430 Lincoln Blvd. and 1318 Lincoln Blvd. in Santa Monica (Kevin Scanlon, WSC)
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
300 S. Santa Fe Ave. (Google Maps)
LA’s top 5 multifamily investment sales of 2020 fell 50%
LA’s top 5 multifamily investment sales of 2020 fell 50%
Landlords are organizing a protest around the lack of mortgage relief government policies and the inability to hit tenants with eviction notices.
What do we want? Mortgage relief!: Landlords plan LA protest
What do we want? Mortgage relief!: Landlords plan LA protest
Mike Bannon, California Apartment Association, executive director
Mom-and-pop resi landlords are already struggling
Mom-and-pop resi landlords are already struggling
An illustration of David Lee
A boomtown for a bygone era: Koreatown developers face a reckoning
A boomtown for a bygone era: Koreatown developers face a reckoning
Tani Cantil-Sakauye (Credit: Earl Gibson III/Getty Images)
Landlords sue California over eviction ban
Landlords sue California over eviction ban
arrow_forward_ios

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

Loading...