Jackson Square Picks Up LA Asset for $170M

Affiliates of Jackson Square Properties, a San Francisco-based privately held firm that focuses on multifamily investments, have acquired Shores, a 544-unit community in Marina del Rey, Calif., from Shores LLC for $170 million. The transaction is one of the largest commercial real estate transactions in Los Angeles County this year.

Shores has 12 five-story interconnected buildings situated across nearly 8 acres at 4201 Via Marina in the Los Angeles submarket. Completed in 2013, Shores has a mix of one- and two-bedroom units ranging in size from 762 to 1,284 square feet. Rents range from $3,834 to $4,720, with an average of $4,245, Yardi Matrix reports. The property includes 54 affordable units. Apartments feature in-unit washers and dryers, high ceilings and private patios or balconies.

The marina-adjacent property has Pacific Ocean and marina views. The community’s amenities include a 2.5-acre courtyard with a pool, two spas, fire pits, barbecue areas and a bocce court. The community has sky terraces, a clubhouse, fitness center, business center and media room. There are more than 1,110 parking spaces located in surface lots and a subterranean garage. Electric vehicle charging stations are available.

Jackson Square also owns Harborside Marina Bay Apartments, a 205-unit community in Marina del Rey that it acquired in 2019 for $86 million.

Property’s redevelopment history

Shores opened in December 2013 following a redevelopment of a 1960s-era garden apartment property at the site. The original 202-unit Del Rey Shores community was developed by Jerry Epstein, actor Kirk Douglas and Herb Nadel, founding principal of Nadel Architects, which designed the new property, according to Multi-Housing News reporting.

Guardian Life Insurance Co. of America, which provided $31.8 million in equity financing in 2011, was also part of the joint venture when the property was completed in 2013.

The debt financing was a $125 million Federal Housing Administration-insured loan, which was the largest Section 221(d)(4) loan completed at that time by the U.S. Department of Housing and Urban Development, MHN reported.

Team effort for complex deal

Law firm Cox, Castle & Nicholson served as counsel to the owner. Cox Castle partner Ira Waldman has advised on the Shores property for nearly four decades beginning in the late 1980s with negotiating a ground lease extension with Los Angeles County, the owner of the underlying land. The 50-year ground lease expires Dec. 31, 2063, according to Yardi Matrix. Waldman’s role included advising on the historic HUD-insured loan, multiple redevelopment scenarios, ongoing leasehold and operational matters with the county, and ultimately the sale of the asset.

Rutan & Tucker, led by Managing Partner Vijay Pai, represented Jackson Square. Glaser Weill represented the County of Los Angeles. Others involved in the transaction included First American Title Insurance, Jackson Square Director of Capital Markets Jed Richardson and Chief Investment Officer Chad Bungcayao, and David Levine, chief of staff at the Office of Jerry Epstein, and his team at Shores.

JLL brokered the deal for Jackson Square. JLL also arranged Fannie Mae acquisition financing for the buyer and helped navigate the complex ground lease negotiations with the county. JLL Capital Markets team members involved in the deal included Executive Managing Director Charles Halladay, Senior Director Rick Salinas, Senior Managing Director Blake Rogers, Managing Directors Annie Rice and Brandon Smith, Director Gyasi Edmondson and Associate Will Bond.

Recent Jackson Square activity

Jackson Square was formed in 2004 with a focus on value-added multifamily real estate. In recent years, the firm has expanded its strategy to include infill, institutional-grade assets. Target markets include California, Salt Lake City, Denver, Phoenix, Las Vegas, Nev., Portland, Ore., and Austin, Texas.

Since 2011, Jackson Square has acquired more than 23,000 units in eight states valued at more than $4.5 billion. The company’s current portfolio is comprised of roughly 19,000 apartments.

Most recently, the firm sold Latitude Apartments, a 108-unit community in the Seattle suburb of Everett, Wash., to BRIDGE Housing for $25.4 million. BRIDGE Housing plans to turn the market-rate property into affordable housing.

In November, Jackson Square sold Cascade Ridge, a 270-unit garden-style community in Silverdale, Wash., for $79.5 million to an unidentified buyer. The property, completed in 1992, is located near the Kitsap Naval Base.

Jackson Square is also a developer. In February 2025, the company teamed with Russell Square to begin construction of Delta Shores, a two-phase rental community with 576 units in the Airport Meadowview area of Sacramento, Calif. The project is slated for completion later this year.