Essex Property Trust purchased the improvements of Marina City Club, which include a 101-unit promenade apartment community, an adjacent marina with approximately 340 boat slips and assorted retail space in Marina del Rey, Calif.
The value of the transaction was approximately $27.7 million.
Marina City Club comprises 7 one-bedroom/one-bath units, 67 two-bedroom/two-bath units and 27 three-bedroom/two-bath units. A 2,500-foot pedestrian promenade bisects the apartment community and the marina.
The improvements are on a long-term ground lease with the County of Los Angeles that expires in 2067.
Palo Alto, Calif.-based Essex Property Trust Inc. is a fully integrated real estate investment trust that acquires, develops, redevelops and manages multifamily residential properties.
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