Beverly Hills-based investment firm Black Equities, owned by Stanley Black, is finalising a nine-figure transaction for a mixed-use property in Culver City, California. The purchase price for the property, which comprises 115 residential units, amounts to US$106 million. This could represent the largest multifamily deal in the history of Culver City, one of the most expensive rental markets in Los Angeles County.
The seller of the ten-year-old property, named “Access Culver City”, is Greystar. The asset, located at 8770 Washington Boulevard, also includes 31,000 square feet of fully leased ground-floor retail space. Approximately US$81 million of the purchase price was attributed to the residential component, while US$25 million was allocated to the retail space, as reported by Sandy Albert, Managing Partner of investment and development company CityPads.
The purchase price equates to a remarkable value of US$704,000 per residential unit and US$805 per square foot for the retail component. The acquisition comes at a time when Culver City has developed into one of the most attractive markets for multifamily investments in Southern California. This is bolstered by the presence of media and technology companies and pro-development housing policies.
The city currently has more than 4,500 residential units in its project pipeline and has emerged as one of the few communities in L.A. County actively attracting multifamily investment. Newmark advised Greystar on the sale. Requests for comment from buyer and seller initially went unanswered.
Culver City's continuing appeal as an investment location is reflected in transactions of this magnitude. The combination of a strong economic base, driven by expanding technology and media companies, and supportive urban policies for housing development, creates a robust environment for real estate investors. The high demand for housing in the region drives rental prices and thus investor interest, which is manifested in record transactions such as this one.
- —Transaction Volume: US$106 million
- —Number of Residential Units: 115
- —Retail Space: 31,000 square feet
- —Purchase Price per Residential Unit: approx. US$704,000
