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|Number of units||8|
JLL, as the exclusive advisor to the Seller, is pleased to present for sale The Franklin (the “Property”) – an extremely rare and high performing multifamily investment opportunity in world renowned Santa Monica. The Franklin is an 8-unit, ultra-luxury property comprised of large 2-bedroom and 3-bedroom apartments with an average unit size of ±1,209 SF. Current ownership implemented an extensive renovation strategy in 2018 and thus achieve top-of-the-market average rents of $6,041 and $7,650 for the 2-bedroom and 3-bedroom units, respectively.
Ideally situated between the Pacific Ocean and Interstate 405, The Franklin offers residents
a unique combination of proximity to Southern California’s most desirable beach cities
and unmatched accessibility to all major employment centers. Chic restaurants, high-end
supermarkets, and an array of nightlife and entertainment venues are only steps away from The Franklin on both Santa Monica Boulevard and Wilshire Boulevard – two of Los Angeles’s busiest thoroughfares. The Franklin’s unrivaled location coupled with ultramodern finishes distinguish the Property as a one-of-a-kind investment opportunity.
- One-of-A-Kind Santa Monica Offering: The Franklin represents less than one annual buying opportunity for new product within the submarket of similar unit composition and vintage.
- Truly Differentiated Luxury Product With State-of-the-Art Finishes: Heated Concrete floors, quartz countertops, spacious balconies, and sophisticated appliances place The Franklin in a class of its own.
- Superior Coastal Submarket: Santa Monica is recognized as the premier coastal submarket of California and entices visitors and permanent residents alike from around the globe.
- Exceptional Multi-Housing Fundamentals: Asking rents and sale prices for multifamily product in Santa Monica is amongst the highest in Greater Los Angeles.
- Proximity to Robust Employment Opportunities in Silicon Beach: Silicon Beach has quickly emerged as one of the largest technology hubs in the world and houses many industry-leading giants including Snapchat, Hulu, Google, Facebook, and SpaceX.
- Significant Discount to Home Ownership: Young professionals in Santa Monica are earning more than they ever have, yet astronomical housing prices in the submarket make it impossible for them to afford the monthly cost associated with owning a home.