Marina del Rey’s Shores Apartments Trade to Jackson Square for $170M
Cox, Castle & Nicholson LLP served as counsel to Shores LLC in the sale of Shores, a 544-unit multifamily community in Marina del Rey, for $170 million to Jackson Square Properties affiliates. The transaction is one of the largest commercial real estate transactions in Los Angeles County year to date, according to Cox Castle.
Completed in 2013, Shores represents the successful redevelopment of an underutilized 1960s-era garden apartment property. Cox Castle partner Ira Waldman has advised on the Shores property for nearly four decades, beginning in the late 1980s with negotiations and documentation of the ground lease extension with the County of Los Angeles, the owner of the underlying land.
“Having the opportunity to advise on Shores over the course of nearly 40 years has been incredibly rewarding,” said Waldman. “This transaction marks the culmination of decades of planning, redevelopment, financing, and stewardship of one of Southern California’s most distinctive waterfront residential communities. We are proud to have helped guide the project through each chapter of its history. It has also been an honor to have worked for decades with the legendary Jerry Epstein, a founding father of Marina del Rey, in his tireless efforts to bring the Shores project to completion. It’s a fabulous development – and my son lives there.”
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Jared Ennis
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Rick Recckio
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