Local News Briefs
September 29, 2014
SM Apartment Building Trades at Peak Price
A 60-unit apartment complex just five blocks from the beach in Santa Monica sold recently for $26.5 million, or nearly $442,000 a unit.
Local multifamily landlords Thomas Yu and May Ling Yu of MLT Properties purchased the low-rise property at 3111 Fourth St. from a joint venture of M West Holdings of Sherman Oaks and GreenOak Real Estate of New York.
Though apartment buildings with 20 or fewer units routinely sell for more than $440,000 a unit in the beachside city, it’s rarer for larger buildings to reach that price. Only two other apartment buildings in the area with 50 or more units have ever sold for more. In 2010, a 52-unit building at 456 Santa Monica Blvd. sold for nearly $502,000 a unit; two years later, a 350-unit building at 2200 Colorado Blvd. sold for about $480,000 a unit.
Los Angeles League of Conservation Voters Endorse McKeown
The Los Angeles League of Conservation Voters (LALCV) – which has supported pro-environment local candidates in communities across Los Angeles County for more than three decades – announced Tuesday its endorsement of Kevin McKeown in his re-election campaign for Council in the upcoming Nov. 4 election in Santa Monica.
LALCV president Tom Eisenhauer said McKeown was a council member who had delivered results for the people of Santa Monica.
“As a council member and community activist, McKeown has shown the leadership and dedication needed to address serious environmental problems in the City, like water quality and air pollution,” Eisenhauer said. “LALCV is confident that McKeown will continue his leadership in making Santa Monica a sustainable and livable City.”
Founded in 1976, the LALCV is dedicated to electing local leadership throughout Los Angeles County to preserve, protect and enhance the environment. LALCV has helped elect more than 100 pro-environment officials throughout the county.
LALCV endorsements are determined by its all-volunteer Board, which is composed of Los Angeles County residents committed to advancing environmental priorities.
U.S. Rep.Waxman Endorses Ben Allen
U.S. Rep. Henry Waxman has endorsed Santa Monica resident Ben Allen in his 26th state Senate District race against Sandra Fluke.
“I am endorsing Ben Allen for state Senate because he shares my progressive Democratic values,” Waxman said. “As our next state senator, I know we can count on Ben to protect our environment, fully fund our public schools and rebuild our infrastructure.”
The new state Senate District stretches from Hollywood to the Palos Verdes Peninsula and includes most of the coastal South Bay. There is an 85 percent overlap between Waxman’s district and the district Allen, a Santa Monica-Malibu school board member, seeks to represent, according to his campaign.
Waxman, first elected to Congress in 1974, will retire at the end of the congressional session.