Marquis Property Co. Sells Santa Monica Apartment Building for $70 Million

A 38-unit multifamily property in Santa Monica has sold for $70 million.

A private investor purchased the building from Malibu-based Marquis Property Co.

The property is located at 301 Ocean Ave., across the street from Palisades Park and within walking distance of the beach.

CBRE Group Inc.’s Laurie Lustig-Bower and Kamran Paydar represented the seller in the transaction. CBRE’s Eric Chen represented the buyer.

In 2013, Marquis Property purchased the building, which had been boarded up for a few years.