TODAY’S DEALS: American Realty Advisors Buys an L.A. Asset from Dinerstein
American Realty Advisors buys a Los Angeles asset; Marcus & Millichap sells 336 units in Indianapolis; and M&P purchases two San Diego properties for more than $2 million.
Los Angeles—Investment manager American Realty Advisors has acquired The Millennium Del Rey, a newly built Gold LEED-pending apartment asset with condo-quality units in the Marina Del Rey/Playa Vista area of Los Angeles.
“The asset, which was just completed in June of this year, was already at 85 percent occupancy when we acquired it from the developer, The Dinerstein Companies,” says Gary Steinhart, director of investments at American Realty Advisors. “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.”
Steinhart added that is 1.5 million square feet of future office space entitled in the area that should bring in more than 4,000 new employees. A Whole Foods-anchored mixed-use development within walking distance is also slated to open by year end.
Amenities at The Millennium Del Rey include surfboard storage and a bicycle maintenance room. There is also a fitness center, dog yard, business center and swimming pool. Units feature 10- to 11-foot ceilings, granite countertops, stainless steel appliances and walk-in closets.
Marcus & Millichap sells 336-units in Indianapolis
Indianapolis—Marcus & Millichap has sold Brighton Park Apartments, a 336-unit apartment property location in Indianapolis. The new was announced by John Przybyla, regional manager of the firm’s Chicago Downtown office. The asset sold for $13.9 million.
David N. Gaines and Alex Blagojevich, investment specialists in Marcus & Millichap’s Chicago Downtown office, represented the seller, a private investor. Josh Caruana, Indiana Broker of Record, assisted in closing this transaction.
Brighton Park Apartments is located at 8002 Harcourt Road in Indianapolis.
M&P purchases two San Diego properties for more than $2M
3503 Del Ray
San Diego–CBRE announced the portfolio sale of two multi-housing communities located in Pacific Beach. M&P Properties purchased a 10-unit community, located at 3503-3507 Del Rey, San Diego, for $1.37 million, from Kimberly A. Whitney and Joan W. Flagg.
M&P Properties also purchased a four-unit community, located at 3485 Del Rey Street, San Diego, for $680,000 from Kathryn L. Martin Declaration of Trust.
CBRE’s Merrick Matricardi, Jim Neil and Eric Comer represented the seller in both transactions. The buyer, M&P Properties represented themselves.
The units are located in Pacific Beach, adjacent to the freeway and are in close proximity to retail, restaurants and recreational activities.
