CBRE arranged the sale of 901 Ocean Ave., a 28‑unit coastal multifamily investment property located along Santa Monica’s Ocean Avenue corridor. The property sold for $23.46 million to a private local investor, with the buyer also assuming approximately $2.4 million in transaction-related obligations, bringing the total consideration to approximately $26 million.
The sale was completed through a court‑supervised receivership overseen by the Superior Court of California, County of Los Angeles, with CBRE representing the court-appointed receiver. CBRE’s marketing process generated 10 offers for the property.
Originally constructed in 1961 and 1970, the three‑story building encompasses 30,954 square feet on a 15,011‑square‑foot double lot with 100 feet of frontage along Ocean Avenue. Dan Blackwell, EVP at CBRE, said the sale is a strong example of the enduring appeal of coastal multifamily assets to global capital sources.
“The views, the frontage and the scale of this property create a profile that is very difficult to replicate anywhere on the Westside,” said Blackwell.
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