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4/11/23
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Equity Residential recently embarked on a $45 mil capital improvement program at Pearl Apartments, a 597-unit multifamily community in Marina del Rey, and has completed the first 87 upgraded residences. The asset is owned by Equity Residential.
Constructed in 1969 as one of Marina del Rey’s original apartment communities, Pearl Apartments consists of 15 three-story, garden-style buildings spread across more than 11 landscaped acres. The complex offers tennis courts, resort-style pool, convenience store, community meeting spaces, and more.
“We are leveraging Pearl’s campus-style layout to break the major reconstruction of the community into phases, allowing the transformation to be completed while the majority of the community remains occupied,” stated Eric Grossman, Vice President of Investments for Equity Residential. “With each phase taking approximately six months, the full renovation is expected to be completed in Q1 2026.”
As work proceeds, Equity Residential is offering existing residents several alternate housing opportunities while their apartments are being upgraded. At ownership’s expense, residents have the option to be relocated into an available like-sized apartment within the property, where they will continue to enjoy their existing lease rate, explained Grossman. Should the resident prefer to move to alternate accommodations nearby, Equity Residential will again cover all moving expenses. Returning residents will move back into their newly renovated apartment at the same lease rate as prior to relocation.
The firm acquired the ground lease for the community in 2012 and took control of its management in 2018. With the first phase now complete, the newly renovated apartments will be available for occupancy in April 2023.
Core to the renovation is a complete replacement of the plumbing infrastructure, while the new interiors introduce a clean, modern aesthetic enhanced by a bright coastal color palette. The residences will have new kitchens that include energy efficient stainless-steel appliances, quartz countertops, subway tile backsplashes, and wood plank hard surface flooring throughout.
Additional upgrades include energy efficient LED lighting, new bath fixtures and sinks, water-efficient commodes, and tubs with rain showers. The community’s laundry facilities are also being upgraded with new energy efficient and high-capacity washer and dryers and new interiors.
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