Pacific Eagle Holdings has acquired Villa Malibu, a 68-unit luxury apartment complex in Malibu for $62M. Seller Carlyle Group sold the property at an aggressive cap rate of just under 3%, according to Bob Safai, a broker at Madison Partners, who points out the project was entitled for condos.
Situated on 10 acres at the intersection of PCH and Cavalleri Road on Point Dume, the project, which was built in 1993 and was renovated in 2007, consists of two- and three-bedroom units, ranging from 1,577 SF to 2,232 SF.
The complex overlooks Zuma Beach and offers ocean views, as well as a full compliment of resort-style amenities, including a fitness center, two tennis courts, basketball court, swimming pool with cabanas and a dog park. The project was toured 40 times and received 12 offers before it sold. [GS]
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