CBRE Announces $29.25 Million Sale of Mixed-Use Multifamily/Retail Property in Culver City, California

CBRE has announced the sale of The Oliver, a mixed-use property with 30 multifamily units and 8,665-sq.-ft. of ground-floor retail space in Culver City, for $29.25 million or $780,000 per unit.

CBRE’s Eric Chen and Joyce Goldstein represented the seller, Washington Marcasel Apartments, LP, and the buyer, Oliver Washington 88, LLC, in the transaction.

Located at 11955 W. Washington Boulevard, the property was built in 2016 and features large one- and two-bedroom floorplans averaging 1,159 sq. ft. Unit amenities include in-unit washers and dryers, quartz countertops, stainless steel appliances, balconies or patios, and high-end finishes throughout. Community amenities include green building design features, controlled access, rentable storage spaces, and an underground garage with 90 spaces. Ground-level retail includes Wall Street Pizza, Red Diamond Yoga, The Hive Beauty Collective and Pearl Dental.

“The Oliver is a highly desirable asset on the Westside. As a result, the deal closed at one of the highest prices for comparable building sales in the area,” said CBRE’s Chen. “CBRE was able to secure a buyer seeking a generational asset to hold long-term and worked closely with the seller to pay off its debt obligation within the escrow period. The property’s location, high occupancy and NOI made this a successful transaction for both parties.”

Situated on the intersection of West Washington and Inglewood boulevards the property provides easy access to the 10, 90 and 405 freeways connecting to Los Angeles, Ventura and Orange Counties. It’s also within walking distance of numerous restaurants, salons and fitness facilities, and within 10 minutes of the Metro Expo station, downtown Culver City, Marina Del Rey, Venice Beach and the Los Angeles International Airport.