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
10745 W. Burbank Boulevard in North Hollywood (Google Maps)
Developer eyes apartment complex in North Hollywood
Developer eyes apartment complex in North Hollywood
5001 Wilshire Blvd. (Getty, 42 Floors)
From retail to residential: Apartment complex may replace strip mall
From retail to residential: Apartment complex may replace strip mall
Roku CEO Anthony Wood, Boston Properties CEO Owen Thomas and Colorado Center. (Bostom Properties, WikiMedia / Collision Conf)
Roku inks long-term lease at Colorado Center
Roku inks long-term lease at Colorado Center
Moda at Monrovia Station and Opportunity Housing Group President Lauren Seaver (Google Maps)
Workforce housing investor pays $100M for Monrovia apartments
Workforce housing investor pays $100M for Monrovia apartments
CIM Group co-founders Shaul Kuba, Avi Shemesh, Richard Ressler and the site for the project. (Google Maps, CIM)
CIM Group plans 168-unit mixed-use complex in West Adams
CIM Group plans 168-unit mixed-use complex in West Adams
Tesla's new property is 82,000 square feet. (Getty, Daum Commercial)
Tesla inks big lease on office/warehouse in Santa Monica
Tesla inks big lease on office/warehouse in Santa Monica
Rendering of Onni Group's Arts District project
Onni Group’s Arts District tower project clears key hurdle
Onni Group’s Arts District tower project clears key hurdle
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Some LA landlords tap savings, may sell properties to stay afloat
Some LA landlords tap savings, may sell properties to stay afloat
arrow_forward_ios

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

Loading...