927 Ocean Avenue
Santa Monica, California
Architect: Howard Laks Architects
927 Ocean Avenue is an existing building consisting of 16 units. The Property is recognized as a Santa Monica historic landmark. The project entails the substantial restoration of the building exterior; additionally, the unit interiors are being completely redesigned and built-out. This ocean-facing jewel box contains a two- to three-story multi-family residential building constructed in 1922, and a one-story detached garage at the rear of the parcel. 927 Ocean Avenue is a remarkable example of a Mediterranean Revival style apartment hotel that has remained relatively unaltered. Upon completion, the revitalized building will offer residents 20 units with modern in-unit luxury conveniences, such as high-end appliances and condominium-level finishes, while the restored beauty of the building will continue to evoke classic architectural details and craftsmanship.
Santa Monica multifamily assets with market rate rents, ocean views, and located within walking distance to the beach, Santa Monica Pier, and 3rd Street Promenade are exceptionally rare. Axis has found such a compelling value-add repositioning opportunity at 927 Ocean Avenue in Santa Monica (the “Property”). The Property is located across the street from Pacific Palisades park. This lush, 25-acre park overlooking the Pacific is a wonderful place for walkers, bikers, and people watchers, and connects with the broad Santa Monica beach.
927 Ocean Avenue enjoys a Walk Score of 76 and a Bike Score of 84. The surrounding neighborhood is a balanced mix of contemporary urban design and the character and charm of Santa Monica architecture; there are numerous restaurants, bars, coffee shops, and shopping, all within walking distance.
927 Ocean Avenue will feature an urban-inspired design that respects the existing neighborhood character and extends beyond the individual unit walls to welcoming and vibrant spaces throughout the building, up to the roof. Given 927 Ocean Avenue’s unique oceanfront positioning on an open street, the residents will enjoy tremendous views.