It’s official: The biggest opportunity to develop more families in Santa Monica for a generation is now on the market.
The WSC Communities’ portfolio of 23 packages, authorized to develop more than 2,100 units and more than 1 million square feet of living space, is billed to the broker as a chance for the buyer to become the largest multi-family landlord in Santa Monica, which controls 7 percent of the city’s market inventory.
The WSC is run by the family of prominent Westside owner Neil Shekhter and is led by CEO Scott Walter. Shekhter declined to comment. In December, The real solution reported for the first time that WSC tested the portfolio market.
“There has never been an opportunity to acquire a development portfolio of this size in Southern California, never mind Santa Monica,” said marketing materials that were reviewed TRD. No price advice was provided.
The materials promote the “reduced affordable component” of the project, as many authorizations were secured prior to the introduction of increased affordability requirements in Santa Monica.
“If these projects were designed today, they would have to provide 30% of affordable on-site housing or 35% of affordable off-site housing,” said 20 percent compared to the established requirement.
The portfolio is also eligible for more than 200,000 square feet of commercial space. Addresses include 1430 Lincoln Boulevard, 1325 6th Street, 1437 6th Street and 1318 Lincoln Blvd. All but two – 1520 7th Street and 3025 Olympic Boulevard – are eligible.
Sales are provided by Walker & Dunlop team Blake Rogers, Javier Rivera, Alexandra Caniglia and Hunter Combs.
According to Savills, only $ 6.1 billion was available in December 2020, down from $ 13.2 billion last year. The portfolio in the game could still change the hierarchy among residential landlords in Southern California: The the whole city of Santa Monica has less than 37,000 rental units.