Santa Monica Property Sells for $7 Million, Potential Apartment Development on Horizon
May 17th, 2025 7:00 AM
By: Newsworthy Staff
A commercial real estate transaction at 3205 Ocean Park Boulevard signals potential residential development in Santa Monica, with a developer planning to transform an existing office building into a potential 100+ unit apartment complex.
WESTMAC Commercial Brokerage Company has successfully facilitated the sale of a 16,700-square-foot office property located at 3205 Ocean Park Boulevard in Santa Monica for $7 million. The transaction represents a significant real estate investment in a region experiencing ongoing housing challenges.
The property, situated just north of Santa Monica Airport with convenient access to the 10 Freeway, spans approximately 25,622 square feet and has attracted a developer with plans to potentially transform the site into a multi-unit residential complex. The proposed development, which would include over 100 apartment units, remains contingent upon receiving necessary city approvals.
T.C. Macker, a principal at WESTMAC, highlighted the significance of the sale during a period of limited development opportunities. The transaction not only represents a strategic real estate investment but also potentially addresses the critical housing needs in the Santa Monica area.
The sale was brokered by T.C. Macker and Woody Cook of WESTMAC Commercial Brokerage Company, who represented the seller, with Filip Niculete and Glen Scher of Marcus & Millichap representing the buyer.
This sale underscores the ongoing dynamism of Santa Monica's real estate market, reflecting continued investor interest in properties with potential for residential conversion. The proposed apartment complex could contribute to addressing the region's housing density and provide additional residential options in a highly desirable coastal community.
Source Statement
This news article relied primarily on a press release disributed by 24-7 Press Release. You can read the source press release here,
