Access Culver City, the mixed use development at 8770 Washington Blvd. has changed hands from Greystar to Black Equities for a record setting price of $106 million, according to the Commercial Observer.
“The valuation translates to roughly $704,000 per apartment and $805 per square foot for the commercial space. The apartments cost about $81 [million] out of the transaction value, and $25 million went to the leased retail spaces, according to Sandy Albert of City Pads.”
The Beverly Hills-based investment firm Black Equities purchased the decade-old property from Greystar this month. The complex has 115 residential units and 31,000 square feet of ground-floor retail space, in addition to 389 parking spaces.
According to Atlas Brief, rents run 50% above submarket, and the building is still giving away a month free. The average asking price for an apartment is $5,174 per month.
With the Culver City Real Estate Transfer Tax, this will bring in more than $4 million to the city’s coffers – $4,079,249.96 to be precise.
Commercial real estate brokerage house Newmark represented Greystar in the transaction.
Black Enterprises holds more than 18 million square feet of commercial real estate across 35 states, according to publicly available company background.
Former Culver City Mayor and current Special Assistant Attorney General for Housing in California Alex Fisch stated “This sale price, which shows strong demand for local multifamily housing, proves what we all know: whether you live in a condo, apartment, or a house, Culver City is an incredible place to live.”
Judith Martin-Straw
