A multifamily property at 901 Ocean Ave. along Santa Monica’s Ocean Avenue corridor has traded hands in a court-supervised receivership sale. CBRE arranged the disposition of the 28-unit coastal asset, which attracted interest from a range of investors despite its distressed context.
The buyer, described as a private local investor, acquired the property for $23.46 million. In addition to the purchase price, the buyer took on approximately $2.4 million in transaction-related obligations, bringing the total consideration to about $26 million. The structure of the deal reflects both the complexities of receivership transactions and buyers’ willingness to account for associated obligations to secure well-located coastal real estate.
The sale process was overseen by the Superior Court of California, County of Los Angeles, with CBRE representing the court-appointed receiver. The receivership framework placed the transaction under judicial supervision, requiring a transparent and competitive marketing effort before the court-approved transfer of ownership. According to CBRE, the marketing campaign produced 10 offers for the property, indicating solid investor demand for stabilized and value-oriented opportunities in this coastal submarket.
Originally constructed in 1961 and 1970, the three-story building totals 30,954 square feet on a 15,011-square-foot double lot. The site benefits from approximately 100 feet of frontage along Ocean Avenue, positioning the property to capture ocean views and pedestrian activity along the corridor. The combination of its size, frontage, and location along the coastline contributes to its profile as a relatively scarce multifamily offering.
CBRE executive vice president Dan Blackwell noted that the asset demonstrates the continued appeal of coastal multifamily product to a broad base of capital sources. He pointed to the property’s views, frontage and overall scale as factors that are difficult to replicate elsewhere on the Westside, reinforcing the perception of long-term relative scarcity for similar sites.
The transaction illustrates how receivership sales can resolve distressed situations while still achieving competitive pricing outcomes for well-located multifamily assets. It also underscores that investor interest remains active for coastal apartment properties with established locations and a combination of unit count and building scale that is not easily duplicated.
