Stanley Black’s Black Equities Group is plunking down more than $100 million in what appears to be the priciest multifamily deal in Culver City history.
The Beverly Hills-based investment firm is closing on a $106 million purchase of Access Culver City, a 115-unit property at 8770 Washington Boulevard, Commercial Observer reported, noting that the price tag seemingly earns it the title of the most expensive multifamily deal in the Westside city’s history.
Greystar, which developed and opened the property in 2017, was the seller, Multi-Housing News reported. The mixed-use property consists of the 115 units as well as 31,000 square feet of fully-leased ground-floor retail space. The $106 million transaction breaks down into roughly $81 million for the multifamily portion and $25 million for the retail component, Sandy Albert, a managing partner at investment and development company CityPads, told Commercial Observer.
Black Equities’ acquisition works out to $704,000 per unit and $805 per square foot for the retail portion. In the second quarter, Los Angeles County has seen a 47 percent increase in multifamily sales from the same period last year, while the average per-unit price fell 4.7 percent year over year to $394,867, according to Colliers’ Q2 2026 report. In Culver City, the average per-unit sales price clocks in at upwards of $440,000, according to Santa Monica-based Taksa Investment Group.
With Measure ULA discouraging multifamily investors from sinking their money into properties within Los Angeles city limits, separate enclaves like Culver City and Beverly Hills have been attracting more investment. Under the law, all sellers in the City of Los Angeles that offload properties for more than $5.4 million must pay at least 4 percent on the total sale price, regardless of its asset type.
On the development front, Culver City is mandated by the state to plan for 3,341 housing units by 2029; it currently has more than 4,500 units in the pipeline, according to Commercial Observer.
— Chris Malone Méndez
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