The Tape
8770 Washington BlvdSold

The Buyer Just Revealed How the $106 Million Was Allocated

After publishing, the buyer shared that the purchase price was allocated as follows: Retail: $25,000,000.  Multifamily: $81,000,000 (approximately $700,000 per unit) 

By David SafaiFollow

At a glance

Sale Price
$106M

closed June 29, 2026

Price / Unit
$921,739

per door

Price / SF
$604/SF

building SF

Units
115

3 studio · 56 one-bed · 46 two-bed · 10 three-bed

Gross SF
175,479 SF

residential + retail

Retail SF
31,240 SF

17.8% of building

Avg Asking Rent
$5,174/mo

subject; submarket avg $3,460

Concession Rate
8.3%

~1 month free at close

Parking
389 stalls

3.38 stalls/unit

NO ULA
$0

No ULA in Culver City

Assessed Value
$109.7M

2025 assessment

Year Built
2016

steel construction, LEED Silver

What matters

  1. $106M Trade Sets a New Culver City Record  Greystar sold Access Culver City to Black Equities Group (Beverly Hills) for $106 million, making it the largest multifamily transaction in Culver City's recorded history. The project includes: 115 apartments 31,240 SF of fully leased retail 389 parking spaces 2016 steel construction
  2. Rents run 50% above submarket, and the building is still giving away a month free.Asking average is $5,174/month. 
  3. Nearly 18% of the Building Isn't Apartments.  This isn't a traditional multifamily sale. Nearly 18% of the building consists of retail. Every publication will report $921,739 per apartment unit, but sophisticated buyers don't underwrite mixed-use assets that way.  They value the retail separately before determining what they're paying for the residential component.
  4. Who is the Buyer?  Black Equities Group, LLC   Headquarters: Beverly Hills, California Founded: 1985 Founder/Chairman: Stanley Black Business: Private real estate investment and long-term ownership Portfolio: More than 18 million square feet of commercial real estate across 35 states, according to publicly available company background. 
8770 Washington Blvd photo
FIG. 00, 8770 WASHINGTON BLVD, CULVER CITY, CA. LISTING PHOTO VIA GOOGLE MAPS. 

What an Operator Sees

Greystar sold Access Culver City to Black Equities for $106 million. The buyer later said the allocation was $25 million to the leased retail and $81 million to the apartments — about $700,000 a door — not the blended $922,000 headline every recap will quote. Asking rents run well above the submarket and the building is still giving a month free.


Without a published cap or T-12, the allocation is the underwrite. Second-order: strip the retail before you use this as a Culver multifamily door comp, or you will overstate what apartments alone cleared.


I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.


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Property and transaction data: CoStar Research.

Write to David Safai at David@AtlasBrief.La

Appeared in the Sept. 5, 2026 edition of The Tape.