Citrus Suites Apartments, a 70-unit complex near Santa Monica Pier, just sold for $39.5 million. Black Equities Group, run by Stanley Black, got the property from Equity Residential.
Equity Residential acquired the property for $12.8 million in 2016.
Half of the rooms are currently empty, and it is unclear what Black Equities’ plans are, for the beachside community.
Kevin Green from Institutional Property Advisors said the complex is one of only 16 communities with more than 50 units on all the West Coast to be within 300 feet of the beach.
Joseph Grabiec, who also helped on the deal said Santa Monica is one of the most expensive areas of L.A.
The median price of a single-family home is $2.6 million and 72% of the people live in rental housing, so the demand for luxury rental housing is strong.