Newmark is pleased to present the opportunity to acquire a recently renovated apartment building, 2929 Colorado, an 18-unit mid-rise multifamily project in Santa Monica, California.
Built in 1963 and extensively renovated in 2019, the property is currently being operated as an upscale independent living recovery community that can be easily transitioned into market rate apartments. As such, an investor can enjoy the extra cash flow that the current operations provide while capitalizing on converting the property to traditional market-rate apartments at the most opportune time.
2929 Colorado is conveniently located in the heart of Santa Monica. It is also roughly five blocks from Water Garden, a 620,092-square-foot, Class A office campus home to major tenants, including Amazon, Hulu, CBS, and Roku. 2929 Colorado’s location also provides quick access to the LA Metro E-Line via the Bergamot Station, which runs from Santa Monica to Downtown Los Angeles.
Investors stand to benefit from surging Santa Monica multifamily rents and more specifically a location within Santa Monica that is supported by some of the most desirable technology and entertainment jobs.
- Air Conditioner
- Dishwasher
- Washer/Dryer
- Tile Floors
- Tile Floors
- Granite Countertops
- Refrigerator
- Stainless Steel Appliances
- Range
- Deck
- Garden
- Intercom
- Patio