Largest Entitled Land Trade in Santa Monica, CA History Completed by Walker & Dunlop

Rhea-AI Summary

Walker & Dunlop facilitated the sale and financing of The Santa Monica Collection, marking a significant transaction in California's real estate sector. This portfolio includes eight sites covering 3.1 acres, featuring 627 multifamily units and 31,473 square feet of commercial space, fully entitled to bypass development hurdles. The deal represents the largest entitled land sale in Santa Monica history. Walker & Dunlop is recognized as a leader in multifamily property sales, achieving $5.2 billion in the third quarter of 2021 alone.

Positive

• Facilitated one of the largest entitled land sales in Santa Monica history.
• Portfolio includes 627 multifamily units and 31,473 square feet of commercial space.
• Transaction allows the buyer to bypass stringent Santa Monica development hurdles.
• Walker & Dunlop achieved $5.2 billion in property sales volume in Q3 2021, up 373% from the previous year.

Negative

• None.

BETHESDA, Md., Jan. 3, 2022 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it facilitated the sale and financing for The Santa Monica Collection, a stunning eight-site portfolio spanning 3.1 acres in the iconic city of Santa Monica, California. Together, the portfolio transaction represents one of the largest entitled land sales on the West Coast and the largest in Santa Monica history¹.

In total, the development portfolio includes 325,391 net rentable square feet, including 31,473 square feet of commercial space and 627 multifamily units – all of which are fully entitled and approved by the Architectural Review Board, affording the buyer the luxury of bypassing the stringent Santa Monica development hurdles.

Walker & Dunlop's Blake Rogers, Javier Rivera, Alexandra Caniglia, and Hunter Combs represented the seller, WS Communities in the disposition. In parallel with the highly competitive sale and advisory process, the team collaborated with the firm's capital markets team, including Aaron Appel, Keith Kurland, Jon Schwartz, and Adam Schwartz, to facilitate financing from Blackstone Real Estate Debt Strategies on behalf of the buyer, Tishman Speyer.

Santa Monica, the epicenter of "Silicon Beach" is one of the most desirable areas of Los Angeles, renowned for its globally-recognized beaches and countless retailers, restaurants, and nightlife options. The city also boasts accessibility to Los Angeles' residential, economic, cultural, and entertainment hubs. Each property within The Santa Monica portfolio is well-located and features exceptional walkability, with an average portfolio Walk Score of 91.

Walker & Dunlop is a leader in multifamily property sales, having completed $5.2 billion in property sales volume in the third quarter of 2021 alone, up 373% from the same period in 2020. The firm was also the top capital provider to the U.S. multifamily market, originating $31 billion in transactions and lending over $24 billion for multifamily properties in 2020. Visit our website for information about multifamily properties available for sale via Walker & Dunlop's investment sales platform.

About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work^® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.

¹ CoStar

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SOURCE Walker & Dunlop, Inc.

FAQ

What is the significance of the Santa Monica land sale by Walker & Dunlop?

The Santa Monica Collection sale represents the largest entitled land sale in Santa Monica history, showcasing Walker & Dunlop's leadership in real estate transactions.

How many multifamily units are included in The Santa Monica Collection?

The portfolio includes 627 multifamily units.

What was Walker & Dunlop's property sales volume in Q3 2021?

Walker & Dunlop achieved $5.2 billion in property sales volume during the third quarter of 2021.

What advantages does the buyer have from the Santa Monica portfolio?

The buyer can bypass the stringent development hurdles typically encountered in Santa Monica due to the portfolio being fully entitled.

What commercial space is included in The Santa Monica Collection?

The portfolio includes 31,473 square feet of commercial space.