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10/29/14
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American Realty Advisors has acquired The Millennium Del Rey, a new, 196-unit apartment community in Marina del Rey. The Gold LEED-pending certified apartment community boasts condo-quality units, state-of-the-art technology, and a location in the steadily growing LA Westside Silicon Beach submarket. Although the price was not disclosed, we heard that it came in close to $100 mil, which works out to just over $500k/unit.
The asset, which was just completed in June of this year, was already at 85 percent occupancy when it traded. It was sold by the developer, The Dinerstein Companies.
Located at 5550 Grosvenor Blvd, The Millennium Del Rey is in a strong and rapidly growing creative and technology employment area. It is a 15-minute walk from a new mixed-use center featuring restaurants, entertainment and groceries, and it is in close proximity to freeways, a bike path, the beach and the marina.
The Millennium Del Rey apartment community features specific amenities for its location, including surfboard storage and a bicycle maintenance room. In addition, there is a fitness center with an open-air portion that looks out over the resort-style pool and barbeque courtyards, as well as a dog yard, and a business center.
The units include high-end features such as 10- to 11-foot ceilings, granite countertops, stainless steel appliances, walk-in closets, tile backsplashes, and technology packages on the first and fourth floor units. The technology packages include built-in Apple TVs, which give residents easy access to iTunes, iCloud, the Apple Store, Netflix and Hulu; the Monarc Tree System, which allows for full control of lighting, thermostat settings, and entertainment options from anywhere in the world; as well as built-in speakers.
Walkability to surrounding entertainment and groceries is also coming to The Millennium Del Rey with the opening before year-end of Runway, a 221k sf mixed-use development in Playa Vista anchored by Whole Foods, Cinemark Theatres, and CVS, as well as popular restaurants and cafes including Veggie Grill, Panini Café, Sol Cocina and more. To learn more about Runway, and the other new developments within Playa Vista, check out RENTV’s just posted video program on this vast, master-planned community on LA’s Westside.
American Realty Advisors represented itself in the acquisition. Mary Ann King and Thomas Moran, Jr. of Moran & Company repped The Dinerstein Companies in the deal.
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