IREA Closes Most Expensive Deal in Santa Monica since Sept 2010

3111 Fourth St in Santa Monica

3111 Fourth St in Santa Monica

Yubin Tao, a broker at Investment Real Estate Associates in Encino who represented both sides of the deal, said that sellers were able to obtain the high price because the Sant Monica rental market continues to rise. 

"Santa Monica is very much in demand," Tao said. "Sellers are getting above asking price--and sometimes above market-value--for their buildings."

This was the priciest sale in Santa Monica since a 49-unit building at 1241 Fifth St. sold for $19 million in September 2010.

(As reported in Los Angeles Business Journal August 6, 2012)