SoldBroker Activity · Entry № 62

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) 

PublishedJuly 1, 2026
STATUSSold · Just Closed
DatelineThe Tape · Greater Culver City, Los Angeles
8770 Washington Blvd hero photo
FIG. 01, 8770 Washington Blvd, Culver City, CA. Listing photo via CoStar.
Four takeawaysFour things to know about 8770 Washington Blvd
  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. 
Deal Stats · 8770 Washington Blvd
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 an Operator (updated)

The most interesting takeaway isn't the $106 million purchase price, it's how the buyer allocated it. By assigning $81 million to the apartments and $25 million to the retail, it's clear the residential component was the primary investment thesis. At roughly $700,000 per apartment, the buyer is making a long-term bet on Culver City's apartment market, while the retail is strengthened by a new grocery store coming to the ground floor.

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OMs: David@AtlasBrief.LA

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Written from the field

David Safai, operator, developer, GC.

Atlas Home Builders, Inc. is a Los Angeles owner-operator and general contractor. If you are a broker with a listing you want an honest read on, send the OM and the T-12 to David@AtlasBrief.La.

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