How Suite it is: Sam Zell’s Equity Residential sells SaMo rental complex

Stanley Black’s Black Equities Group pay $40M for Citrus Suites Apartments

Los Angeles /
Apr.April 30, 2021 12:12 PM
Black Equities Group's Stanley Black and Equity Residential's Mark J. Parrell.  (Apartments.com, Getty, Equity Residential)
Black Equities Group’s Stanley Black and Equity Residential’s Mark J. Parrell. (Apartments.com, Getty, Equity Residential)

Equity Residential, among the largest apartment owners in the U.S., sold a 70-unit complex in Santa Monica.

Stanley Black’s Black Equities Group paid $39.5 million for Citrus Suites Apartments at 1915 Ocean Way, according to Commercial Observer. The deal, first reported by the Los Angeles Business Journal, pencils out to about $564,000 a unit.

Equity Residential, which was founded by Sam Zell, paid $12.8 million for the complex in 2016.

The location explains the premium that Black Equities was willing to pay for the property. The two-building complex is a block from the beach and next door to the Hotel Casa del Mar and Shutters on the Beach, two of Santa Monica’s priciest hotels.

Black Equities’ new property is among just 16 on the West Coast with 50-plus units that are within 300 feet of a beach, according to the report.

Santa Monica is one of the wealthiest communities in the country, so both investment and residential properties command premium prices.

In January, Neil Shekhter’s WSC Communities listed 23 shovel-ready residential development properties as a portfolio, entitled for 2,100 units.

[CO] — Dennis Lynch 


Related Articles

arrow_forward_ios
Neil Shekhter, WS Communities CEO Scott Walter and 1550 Lincoln Boulevard
Shekhter’s WSC gets $125M loan for LA resi developments
Shekhter’s WSC gets $125M loan for LA resi developments
2121 Cloverfield Boulevard in Santa Monica and Deka Immobilien's Driss Oualkadi (DFH Architects, Deka Immobilien)
Deka Group bags Whole Foods site in Santa Monica for $54 million
Deka Group bags Whole Foods site in Santa Monica for $54 million
Rob Speyer (President, Chief Executive Officer, Tishman Speyer) & Neil Shekhter (Founder, Chief Executive Officer, NMS Properties) (iStock, Tishman Speyer, NMS Properties, Illustration by Kevin Cifuentes for The Real Deal)
Tishman Speyer to build 620 units on Santa Monica sites
Tishman Speyer to build 620 units on Santa Monica sites
Tishman Speyer to buy major Santa Monica resi portfolio
Tishman Speyer to buy major Santa Monica resi portfolio
Tishman Speyer to buy major Santa Monica resi portfolio
(Photo-illustration by Steven Dilakian)
Gamers at work: As esports goes corporate, LA offices are a training ground
Gamers at work: As esports goes corporate, LA offices are a training ground
Standard Communities’ Chris Cruz and Monterey Station Apartments (Facebook via Cruz, Monterey Station Apartments)
Standard-Faring goes to Pomona for “workforce housing”
Standard-Faring goes to Pomona for “workforce housing”
CGI+ CEO Gidi Cohen and 5200 South J Street in Oxnard CA (CGI+, Google Maps)
CGI+ buys Ventura County apartment complex
CGI+ buys Ventura County apartment complex
301 Ocean Avenue in Santa Monica and Clo Hoover, the first female mayor of Santa Monica (301ocean, Calisphere)
$1.8M per unit marks latest chapter in colorful history of SaMo apartments
$1.8M per unit marks latest chapter in colorful history of SaMo apartments
arrow_forward_ios

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

Loading...