MARINA DEL REY, CA—American Realty Advisors haspurchased the Millennium del Rey fromDinerstein for an undisclosed amount, GlobeSt.comreports exclusively. The 196-unit apartment complex isLEED-Gold certified and has smart home technology,which has helped to attract tenants from the area's surroundingtech and media employers.

Dinerstein completed construction of the apartment complex inApril of this year, but waited to bring it to market until theproperty was well occupied. “We didn't market the property forseveral months after it opened to give it some time to mature,”Thomas P. Moran, a broker with Moran &Co. who represented the seller in the transaction, tellsGlobeSt.com. “In most properties, you try to mature the rents orcreate transparency, so if you are a potential buyer, you canclearly see what the rents are going to be.” At the time of sale,the property was 85% to 90% leased and garnered rents at $3 persquare foot.

The sale generated “a lot” of interest, according to Moran, fromboth private and institutional investors. “Most of the core marketsin L.A. are on everyone's wish list to buy, so you can imagine thatputting out a brand new core deal in Marina del Rey is going togarnish a lot of interest,” he says. “This is where you get all ofthe big core funds.” Moran declined to comment on the number ofoffers they received on the property.