Bren’s Irvine Co. in record territory at $2.7M per unit for Santa Monica apartments

Douglas Emmett acquires 1221 Ocean Ave., a luxe building favored by celebrities

Los Angeles /
May.May 09, 2022 03:50 PM
Irvine's Donald Bren and Douglas Emmett's Jordan Kaplan with 1221 Ocean Avenue (Irvine Company, UCLA Anderson school, 1221 Ocean Avenue)
Irvine’s Donald Bren and Douglas Emmett’s Jordan Kaplan with 1221 Ocean Avenue (Irvine Company, UCLA Anderson school, 1221 Ocean Avenue)

The Irvine Company might have gotten a record price with its $330 million sale of a Santa Monica apartment complex to publicly traded real estate investment trust Douglas Emmet.

The REIT acquired the 120-unit complex at 1221 Ocean Ave., on April 26th, according to recent public filings. The price came to about $2.7 million per unit, or $1,800-per-square-foot.

A 38-unit complex property that is also on Ocean Avenue in Santa Monica and sold in October for $70 million—or about $1.8 million per unit—was among the priciest deal on record for California, according to CBRE and local media reports.

Douglas Emmett, which keeps its headquarters a few blocks down Ocean Avenue in the seaside city, partnered with an unidentified company to acquire the building. Public filings indicate the REIT owns 55 percent of the joint venture, which was created to acquire the 16-store building. The joint venture obtained a $175 million secured, non-recourse interest-only loan that matures in 2029, according documents. Eastdil Securities reportedly served as an adviser on the deal.

Douglas Emmett did not return an email requesting comment. Irvine Company and Eastdil Securities also did not return requests for comment.

1221 Ocean cultivated a reputation as being an address for celebrities. Britney Spears, Larry David and The Rock were said to have lived in the building with a rooftop amenity deck and with an average unit size of 1,500-square-feet.

Douglas Emmett also owns two other high-end Santa Monica apartment buildings, as well as six apartment buildings in Los Angeles’ exclusive Brentwood neighborhood, as well as one apartment building in Westwood, near University of California, Los Angeles. The company also runs the Gateway Los Angeles and Warner Center Tower II office buildings in Los Angeles.

The deal leaves Donald Bren’s Newport-based Irvine Co., a seminal developer in Orange County, with no residential holdings in Los Angeles,. It currently owns a few office buildings in the Los Angeles market, including a tower at 2121 Avenue of the Stars in Century City, where former President Ronald Reagan kept offices.





    Related Articles

    arrow_forward_ios
    Grant Kirkpatrick with 308 The Strand (KAA Design Group, Paul Jonason, iStock)
    Manhattan Beach manse aims for record price on The Strand
    Manhattan Beach manse aims for record price on The Strand
    Tom and Ruth Chapman; 335 Trousdale Pl. (Getty Images, Zillow)
    Fashion entrepreneurs’ ask on Trousdale Estates manse tops $6,000 psf
    Fashion entrepreneurs’ ask on Trousdale Estates manse tops $6,000 psf
    CIM Group's Shaul Kuba and a rendering of 3105 South Western Avenue (CIM, Bittoni Architects)
    CIM group files more plans in South LA
    CIM group files more plans in South LA
    10771 Bellagio Road with Ben Affleck and Jennifer Lopez (Linda May Property Group, Getty)
    Pending sale of Bel-Air mansion poised to take one of LA’s biggest asks off market
    Pending sale of Bel-Air mansion poised to take one of LA’s biggest asks off market
    A photo illustration of the planned Vermont Lofts project at 966 South Vermont Avenue (SO.LA, Inc., iStock)
    Goodbye Dragon, hello housing: Yet another apartment complex planned for Koreatown
    Goodbye Dragon, hello housing: Yet another apartment complex planned for Koreatown
    Kirk Lazurus and 966 Palisades Beach Rd (Molori, iStock, Illustration by Kevin Cifuentes for The Real Deal)
    Developer’s own beach house on Santa Monica’s Gold Coast to list for $25M
    Developer’s own beach house on Santa Monica’s Gold Coast to list for $25M
    From left: Tom Brady, Dillon Rosenblatt, and  Richard Rosenblatt with 3130 Wilshire Boulevard (Kilroy Realty, Getty, LinkedIn)
    Tom Brady’s NFT company signs lease in Santa Monica
    Tom Brady’s NFT company signs lease in Santa Monica
    514 Doheny Rd (Zillow)
    Beverly Hills home with link to late Lew Wasserman lists for $42M
    Beverly Hills home with link to late Lew Wasserman lists for $42M
    arrow_forward_ios

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

    Loading...