Colliers Closes First Waterfront Marina del Rey Apartment Trade Since 2019
Colliers arranged the sale of Villa Del Mar, a 198-unit luxury waterfront multifamily community in Marina del Rey. Vice chair Kitty Wallace represented both the seller—original developer Villa Del Mar Properties and long-time operator Far West Management—and a private buyer. It represents the first waterfront multifamily transaction in Marina del Rey since 2019, and one of only four in the past decade.
“This was a rare opportunity to acquire a flagship coastal asset with inherent scarcity, stable cash flow, and numerous value-creation avenues,” said Wallace. “Waterfront multifamily properties in Marina del Rey seldom trade, and savvy investors immediately recognized the long-term upside presented by Villa Del Mar, particularly in a submarket bolstered by high incomes, limited new supply and proximity to the economic engine of Silicon Beach.”
Although the transaction presented complexities—including a ground lease with 35 years remaining, the enactment of a 0.6% CPI-linked rent cap during the marketing campaign and a $6.68-million anchorage improvement requirement specific to the property due by 2029— the offering drew substantial global investor interest. The Wallace Team led an extensive marketing campaign, engaging hundreds of prospective buyers worldwide, according to Colliers.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout