Investment Manager Buys Millennium Del Rey Apartments

From a press release:

American Realty Advisors, an investment manager to institutional investors with more than $6 billion in assets under management, has acquired The Millennium Del Rey, a new Gold LEED-pending certified apartment community with condo-quality units, state-of-the-art technology, and a location in the steadily growing Marina Del Rey/Playa Vista market, according to Gary Steinhart, Director of Investments at American Realty Advisors.

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“The asset, which was just completed in June of this year, was already at 85 percent occupancy when we acquired it from the developer, The Dinerstein Companies,” Steinhart said. “This acquisition is consistent with American’s strategy to identify well-located, quality properties in markets with high barriers to entry.”

The location is in the “Silicon Beach” area of Los Angeles, comprised of Playa Del Rey, Playa Vista, Marina Del Rey, Venice and Santa Monica, which has proven to be the most highly sought-after location in Southern California for cutting-edge firms in the technology, advertising and entertainment sectors, according to Steinhart.

“The 1.5 million square feet of additional office space already entitled in the area will bring in more than 4,000 new well-educated, affluent employees, further increasing the demand for housing,” he reports.

Walkability to surrounding entertainment and groceries is also coming to The Millennium Del Rey with the opening before year-end of Runway, a 221,000 square-foot mixed-use development anchored by Whole Foods, Cinemark Theatres, and CVS, as well as popular restaurants and cafes including Veggie Grill, Panini Café, Sol Cocina and more.

The Millennium Del Rey apartment community features specific amenities for its location, including surfboard storage and a bicycle maintenance room. In addition, there is a fitness center with an open-air portion that looks out over the resort-style pool and barbeque courtyards, as well as a dog yard, and a business center.

The units include high-end features such as 10- to 11-foot ceilings, granite countertops, stainless steel appliances, walk-in closets, tile backsplashes, and technology packages on the first and fourth floor units. The technology packages include built-in Apple TVs, which give residents easy access to iTunes, iCloud, the Apple Store, Netflix and Hulu; the Monarc Tree System, which allows for full control of lighting, thermostat settings, and entertainment options from anywhere in the world; as well as built-in speakers.

“While the property is still new and has been built to a true luxury level, American Realty Advisors, on behalf of its client, will be upgrading the entrance, as well as adding improvements to the pool, Zen garden and other common areas,” Steinhart adds.

The Millennium Del Rey has been built to a Gold LEED standard and will soon be awarded the designation.

The Millennium Del Rey is located at 5550 Grosvenor Blvd. in Los Angeles.

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