Santa Monica Condo Units Trade in Bulk Sale

9 Mile Investments has acquired 42 condominium units in Santa Monica in a bulk sale. The transaction price was not disclosed.

Currently being operated as an apartment building, the property is located at 1251 14th St, one block from the Santa Monica UCLA Medical Center. It is 52.8k sf in size and includes ample parking for the area.

The buyer intends to extensively renovate the property as part of their investment plans for a long-term hold. The work includes several units that were delivered vacant at the close of escrow.

Chris Thompson, Senior Vice President at IREA represented the seller, Santa Monica Collection. Clark Everitt and William Everitt, Vice Presidents at IREA, brokered the transaction for the buyer.

(Originally reported by RENTV, Aug 26 2011)