Essex Sells Waterfront Los Angeles Asset
This marked the first time the community changed hands in more than 20 years.
Matthews has arranged the sale of The Promenade, a 101-unit community in Marina del Rey, Calif., representing the community’s first trade in more than two decades
The property is subject to a ground lease with Los Angeles County, set to expire in 2067, according to the County Board of Supervisors. Essex Property Trust sold the leasehold to Coastline Real Estate Advisors Inc. for $24.8 million, public records show.
Essex took ownership in 2004 for $28.2 million and has since invested $36.4 million in capital improvements, the firm’s SEC filings reveal.
The Promenade is part of Marina City Club, a waterfront development that includes 600 condominium units. Amenities encompass a half-mile waterfront boardwalk, several swimming pools, as well as gyms and sports courts. The community also has 30,000 square feet of commercial space and 303 boat slips.
READ ALSO: Creating Value When Multifamily CapEx Is Constrained
Apartments average 1,240 square feet across two- and three-bedroom floorplans. As of December 2025, The Promenade was 96 percent leased, the SEC filings show.
Located at 4333 Admiralty Way, the community is within the seaside Los Angeles neighborhood of Marina del Rey, a boating and water recreation destination. Just last month, the submarket witnessed the closing of one of the County’s largest sales of 2026 when Jackson Square Properties acquired the nearby 544-unit Shores for $170 million.
Matthews Executive Vice Presidents Stew Weston and Rosie Cooper represented both parties in the sale of The Promenade.
Multifamily investment grows amid value realignment
Metro Los Angeles multifamily transaction volume clocked in at $9.3 billion during the twelve months ending June 2026, according to a Matthews report. That marked a 35.2 percent year-over-year increase.
Pricing continued to adjust across the market, with cap rates rising for six consecutive quarters to 5.4 percent between April and June, the report shows. Units traded on average for $308,551 during the same interval, marking a 13.9 percent discount compared to the cyclical peak registered in 2022.
One of the deals that captured Los Angeles’ value realignment was the sale of Next on Sixth, which closed for $139 million in June, according to Yardi Matrix data. The 398-unit property previously commanded $189 million in 2019.
