Essex unloads Marina del Rey apartments for less than 2004 sale price
A 101-unit apartment community in Marina del Rey has come under new ownership for the first time in more than two decades. Essex Property Trust sold the leasehold for The Promenade residences at 4333 Admiralty Way for $24.8 million, Multi-Housing News reported. Coastline Real Estate Advisors was the buyer. The apartments are part of Marina City Club, a waterfront residential complex that includes 600 condominium units. The Promenade is subject to a ground lease with Los Angeles County set to expire in 2067, as Marina del Rey, unlike neighboring Venice, is not a part of the City of Los Angeles […]This article originally appeared on The Real Deal. Click here to read the full story.
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