MARINA DEL REY, CA-Denver-based UDR Inc. has closed on its purchase of Marina Pointe, a four-story, 583-unit multifamily community that was built in 1993 for $157.5 million. In contrast to many of the properties in Marina del Rey, Marina Pointe is not on a ground lease. 

Brett Betzler, a broker in Moran & Co.’s California office, and Mary Ann King, president of Moran & Co., represented the seller in the transaction. Although Betzler could not disclose the identity of the seller except to say that it is “an institutional owner,” an unidentified source tells that the seller was a JV between BlackRock Realty and CalPERS. also learns that the prior sale of the property was in 2002 for $117.2 million.

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