MARINA DEL REY, CA-Denver-based UDR Inc. has closed on itspurchase of Marina Pointe, a four-story, 583-unit multifamilycommunity that was built in 1993 for $157.5 million. In contrast tomany of the properties in Marina del Rey, Marina Pointe is not on aground lease.
Brett Betzler, a broker in Moran & Co.’s California office,and Mary Ann King, president of Moran & Co., represented theseller in the transaction. Although Betzler could not disclose theidentity of the seller except to say that it is “an institutionalowner,” an unidentified source tells GlobeSt.com that the sellerwas a JV between BlackRock Realty and CalPERS. GlobeSt.com alsolearns that the prior sale of the property was in 2002 for $117.2million.
Betzler tells GlobeSt.com that the property, located at 13603Marina Pointe Dr., is “in a great location and gets greatvisibility,” which he says was one of the attractions for UDR, whoowns two other properties in the area. He adds that the property iswalking distance from the marina and across the street from a hugeretail center with a Gelsons, Vons, and a number ofrestaurants.
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