The Irvine Company has recently recorded one of its largest multifamily sales. In a deal that closed on April 27, but was just recently recorded in public documents, the Newport Beach-based investment company sold a 120-unit luxury apartment complex in Santa Monica for $330 million, or about $2.75 million per unit. Public documents show that the property was acquired by an entity associated with Douglas Emmett, a real estate investment trust based in Santa Monica.
Located at 1221 Ocean Avenue, the apartment building totals 197,520 square feet and reaches 16 stories. The building includes a mix of one-, two- and three-bedroom apartment homes and penthouses, ranging in size from 1,082 square feet to 1,809 square feet. Apartments.com also shows that units rent from $11,600 to 40,000 per month.
The apartment complex also features a wide array of resort-like amenities, including a private rooftop lounge with a pool and spa, a business lounge, state-of-the-art fitness center, dining room and more.
“Whether it’s poolside relaxation, losing yourself in the ocean view, the pursuit of fitness or al fresco dining that you desire, all are within steps of each other. We designed 1221 Ocean Avenue to feel like your own private resort, one where exclusivity truly has its privileges,” the property’s website states.
The luxury apartment community overlooks the Pacific Coast Highway and is near popular attractions, like the Santa Monica Pier. Also nearby is Interstate 10 and Santa Monica Boulevard, which provide tenants with easy access to the rest of Los Angeles County.
According to Douglas Emmett, the company focuses on luxury developments in highly sought after submarkets of Los Angeles and Honolulu. In total, the company’s portfolio consists of roughly 18.2 million square feet of office space and 4,400 luxury apartment units. Douglas Emmett owns multifamily properties in nine of Los Angeles’ submarkets, including Brentwood, Century City, Santa Monica, Beverly Hills, the Olympic Corridor, Westwood, Sherman Oaks, Woodland Hills and Burbank.
