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Shores Apartments in Marina del Rey sold for $170M in large CRE deal
The 544-unit multifamily community, redeveloped from a 1960s-era garden apartment site, traded to Jackson Square Properties affiliates.
ConnectCRE reports that Shores LLC sold the Shores, a 544-unit multifamily community in Marina del Rey, California, for $170 million to affiliates of Jackson Square Properties.
Cox, Castle & Nicholson LLP served as counsel for Shores LLC in the transaction, which the outlet described as one of the largest commercial real estate deals in Los Angeles County year to date.
The property, completed in 2013, is described as the result of the successful redevelopment of an underutilized 1960s-era garden apartment site.
ConnectCRE adds that Cox Castle partner Ira Waldman advised on the Shores project for nearly four decades, including work beginning in the late 1980s on negotiations and documentation related to a ground lease extension with the County of Los Angeles, which owns the underlying land.