Marcus & Millichap Arranges $9.5M Sale of 27-Unit Multifamily Property in Santa Monica, California

SANTA MONICA, Calif., July 29, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 1117 6th St., a 27-unit multifamily property in Santa Monica, California. The property sold for $9.5 million or $351,852 per unit. 

"Transactions involving larger apartment communities in Santa Monica remain relatively uncommon because of the city's limited inventory, restrictive rent regulations and high barriers to entry," said Michael Sterman, senior managing director investments. "The buyer was drawn to the property's scale and phenomenal coastal location." 

Sterman, of Marcus & Millichap's Encino office, represented the seller, Chez Cannes Apartments Partnership. Elliot Sabag and Jeff Louks, investment specialists in Marcus & Millichap's Encino office, procured the buyer, Elkwood.   

Built in 1971, the property is situated on a 0.34-acre site in Santa Monica, six blocks from the beach and within walking distance of the Third Street Promenade, Montana Avenue and public transit. The property includes nine one-bedroom, one-bath units, nine one-bedroom, one-and-one-half-bath units with dens, seven two-bedroom two-bath units and two two-bedroom, two-bath units with a den. Recent capital improvements include a new roof installed two years ago and completed balcony inspections and repairs, reducing near-term capital needs. The property also features 42 gated garage parking spaces, controlled-access entry, an elevator and on-site laundry facilities. The buyer plans to complete exterior improvements and renovate units as they become available.