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
From left: Gelt's Steve and Keith Wasserman with 4041-4121 Radford Ave (Realtor, Gelt, Getty)
Gelt pays $76M for 149-unit complex in Studio City
Gelt pays $76M for 149-unit complex in Studio City
Eden Housing's Kevin Leichner and Iris Gardens (Eden Housing, Clear Capital, Getty)
Eden Housing pays $31M for affordable housing complex in Azusa
Eden Housing pays $31M for affordable housing complex in Azusa
From left: 185 South State College Boulevard, 821 South Myrtle Avenue, Industrious' Jamie Hodari and AvalonBay’s Benjamin Schall (Google Maps, Industrious, AvalonBay Communities)
Industrious adds apartment sites to coworking footprint
Industrious adds apartment sites to coworking footprint
A rendering of 4827 South Crenshaw Boulevard (Hopson Rodstrom Design)
32-unit apartment complex planned for Hyde Park
32-unit apartment complex planned for Hyde Park
A photo illustration of A.J. Khair principal Demetri Samaha along with renderings of 1919 North Wilcox Avenue (A.J. Khair, GA Engineering, Inc., Getty Images)
A.J. Khair to add 65 apartments to Hollywood inventory
A.J. Khair to add 65 apartments to Hollywood inventory
Crow Holdings development CEO Ken Valach and rendering of Westside Gateway (Studio 11, Crow Holdings)
Trammell Crow Residential buys land for major project in Long Beach
Trammell Crow Residential buys land for major project in Long Beach
Ledcor's Dave Lede and Arnel & Affiliates' George Argyros with 1801 East Fourth Street (Ledcor Group, US State Department Public domain via Wikimedia Commons, Google Maps)
Argyros family firm sells Santa Ana site for $51M
Argyros family firm sells Santa Ana site for $51M
Carmel Partners CEO Ron Zeff and a rendering of the apartment building in Sawtelle (Carmel Partners, TCA Architects)
Sawtelle gains density with huge Carmel Partners project
Sawtelle gains density with huge Carmel Partners project
arrow_forward_ios

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

Loading...