A rare triple-lot multifamily assembly, located at 10448, 10456 & 10460 Santa Monica Boulevard in West Los Angeles, has sold for $9.4 million, $613 per square foot. The previous owners consisted of three separate investors, Danny Monempour, an apartment syndicator, and private investors, Roland Patterson and Elaine Landis. The buyer was Coffee Tree Vacaville LLC, a Los Angeles area developer. Kidder Mathews commercial real estate broker, Michael Monempour along with Ramin Gheitanchi of Keller Williams Beverly Hills, represented the buyer and the sellers.
The property consists of three apartment buildings, with a total of 18 units, on 15,333 square feet of land. It is within walking distance of Century City Mall and only a few blocks from the construction of the Metro Station and Westside Pavilion, where Google will be moving.
This sale sets a precedent for price per square foot of land in West Los Angeles. A nearby property on the corner of Beverly Glen and Santa Monica Boulevard, consisting of five vacant lots, sold for $12 million, $467 per square foot.
The property was on the market in 2014 for $8.7 million but never sold. Today, it falls within the city’s new Transit Oriented Communities Affordable Housing Incentives Program (TOC), with a density bonus allowing for 67 units and approximately 50,000 square feet. Before TOC, when the property was on the market in 2014, the maximum units allowed was 52 and 23,000 square feet. The buyer plans to develop 67 units and will be responsible for relocating the 18 existing tenants.
“Having three sellers with three separate goals, this was a very complex deal,” said Monempour. “Due to the lack of inventory and high demand in the area, there was tremendous interest. In the first three weeks on the market, over 10 offers came in, and we spoke with every major developer in West L.A. Though the price was high, in the long run this project will cater to the community for generations to come,” he said.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 800 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9 billion in transactions, manages over 55 million square feet of space, and conducts over 1,600 appraisals annually. For more information, visit kidder.com.