MDNI drops $840K per unit to buy oceanfront Santa Monica apartments out of receivership

MDNI Group acquired a Santa Monica oceanfront apartment building out of receivership for $23.5 million.  The Sherman Oaks-based real estate investor purchased the 28-unit building at 901 Ocean Avenue in an all-cash transaction, L.A. Business First reported. The seller, Coastline Real Estate Investments, paid $33 million for the property in 2021.  The deal works out to $839,285 per unit. The court-appointed receiver, Nano Banc affiliate NB Foreclosed Assets LLC, transferred the property to MDNI Group. CBRE represented the receiver in the transaction after fielding 10 offers for the property, according to a news release.  The 31,000-square-foot building rises on a […]

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