![]() ![]() ![]() Owners of rent control buildings in California can raise rents to market rates under the 1995 Costa Hawkins Rental Act, which went into full effect in 1999.Īs a result, the prices of rent control units in Santa Monica have skyrocketed. Monthly rents at the 16-story oceanfront complex range from $2,408 per month to $41,675, according to the maximum allowable rents listed on the City's Rent Control site.Ī total of 46 units listed for less than $10,000 per month, with 68 units renting for between $10,000 and $20,000 per month.Īmenities include a rooftop, ocean view pool and spa on-site 24/7 guest concierge service a rooftop lounge and valet parking, according to. The former Champagne Towers - a half-century-old rent control apartment complex - has sold for $330 million, making it the most expensive apartment sale in Santa Monica history.Īccording to the Los Angeles Business Journal, Santa Monica-based Douglass Emmett purchased the 120-unit complex at 1221 Ocean Avenue from Newport Beach-based Irvine Co., for an average of $2.75 million a unit.īuilt in 1971 by a development firm controlled by the late bandleader Lawrence Welk, the complex has been home to celebrities from Britney Spears to Larry David.īuilding to right: 1221 Ocean Avenue (Los Angeles Architectural Resources) ![]()
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