Black Equities buys Culver City complex for record $106M

Black Equities paid $106 million for Access Culver City, a decade-old mixed-use property, buying from Greystar in what brokers called likely the largest multifamily trade in Culver City’s history.

The property at 8770 Washington Boulevard pairs 115 apartments with 31,000 square feet of fully leased retail. The sale penciled to $704,000 per residential unit, with the parties allocating about $81 million to the apartments and $25 million to the retail — roughly $805 per square foot for the storefronts. Newmark represented Greystar.

Why it matters

Nine-figure multifamily trades have been scarce as higher rates widened bid-ask spreads, so a $106 million deal closing in one of Los Angeles County’s priciest rental submarkets is a signal that capital is re-engaging for well-located, stabilized assets. Culver City has become a magnet for media and tech tenants, and a fully leased retail base underneath the apartments gives a buyer diversified income. That Greystar — one of the largest apartment operators in the country — was the seller underscores how the trade reflects portfolio repositioning meeting fresh acquisition appetite.

The numbers

At $106 million, the price splits into roughly $81 million for 115 apartments, or $704,000 per unit, and $25 million for 31,000 square feet of retail at about $805 per square foot. The retail is fully leased, and the property’s decade-old vintage puts it among the newer stock in a supply-tight market where CityPads managing partner Sandy Albert supplied the pricing analysis.

What’s next

The trade sets a fresh benchmark for Culver City multifamily and may embolden other owners of stabilized assets to test the market. It adds to a tentative pickup in Los Angeles investment sales, where buyers are again willing to pay premium per-unit pricing for newer, income-producing properties in the county’s strongest rental corridors.