Largest Entitled Land Trade in Santa Monica, CA History Completed by Walker & Dunlop
Walker & Dunlop, Inc. announced today that it facilitated the sale and financing for The Santa Monica Collection, a stunning eight-site portfolio spanning 3.1 acres in the iconic city of Santa Monica, California. Together, the portfolio transaction represents one of the largest entitled land sales on the West Coast and the largest in Santa Monica history.
In total, the development portfolio includes 325,391 net rentable square feet, including 31,473 square feet of commercial space and 627 multifamily units – all of which are fully entitled and approved by the Architectural Review Board, affording the buyer the luxury of bypassing the stringent Santa Monica development hurdles.
Walker & Dunlop’s Blake Rogers, Javier Rivera, Alexandra Caniglia, and Hunter Combs represented the seller, WSC Communities in the disposition. In parallel with the highly competitive sale and advisory process, the team collaborated with the firm’s capital markets team, including Aaron Appel, Keith Kurland, Jon Schwartz, and Adam Schwartz, to facilitate financing from Blackstone Real Estate Debt Strategies on behalf of the buyer, Tishman Speyer.
Santa Monica, the epicenter of “Silicon Beach” is one of the most desirable areas of Los Angeles, renowned for its globally-recognized beaches and countless retailers, restaurants, and nightlife options. The city also boasts accessibility to Los Angeles’ residential, economic, cultural, and entertainment hubs. Each property within The Santa Monica portfolio is well-located and features exceptional walkability, with an average portfolio Walk Score of 91.
Walker & Dunlop is a leader in multifamily property sales, having completed $5.2 billion in property sales volume in the third quarter of 2021 alone, up 373% from the same period in 2020. The firm was also the top capital provider to the U.S. multifamily market, originating $31 billion in transactions and lending over $24 billion for multifamily properties in 2020. Visit our website for information about Available Properties | Investment Sales via Walker & Dunlop's investment sales platform.