In Likely a Culver City Record, Black Equities Buys Multifamily Asset for $106M – Commercial Observer
Stanley Black’s Beverly Hills-based investment firm is closing on a nine-figure mixed-use acquisition in another small city a few miles away.
Black Equities has paid $106 million for a 115-unit property in what is said to be perhaps the largest multifamily deal in the history of Culver City, Calif., which is one of Los Angeles County’s priciest rental markets.
Greystar sold the decade-old property called Access Culver City — which includes 31,000 square feet of fully leased ground-floor retail — at 8770 Washington Boulevard.
Approximately $81 million of the purchase price was allocated to the residential component and $25 million to the retail space, according to Sandy Albert, managing partner at investment and development firm CityPads. The deal is roughly equal to an incredible $704,000 per residential unit and $805 per square foot for the retail component.
The acquisition comes as Culver City has become one of Southern California’s hottest multifamily investment markets, fueled by media and technology employers and pro-development housing policies. The city has more than 4,500 housing units in the pipeline and has emerged as one of the few municipalities in L.A. County attracting multifamily investment.
Newmark represented Greystar on the sale. Neither the buyer nor the seller immediately returned requests for comment.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
