BREAKWATER
AT MARINA DEL RAY
A 224-UNIT WATERFRONT APARTMENT COMMUNITY IN MARINA DEL REY, CALIFORNIA
INVESTMENT ADVISORS
Brett Betzler
Senior Managing Director 949.981.1196
brett.betzler@berkadia.com
Kaohu Berg-Hee Director
808.754.0033
kberghee@berkadia.com
Andy Ahlers
Managing Director 415.317.7707 andy.ahlers@berkadia.com
Joe Choi Director
626.665.8850 joseph.choi@berkadia.com
OFFICE
FINANCING SAN FRANCISCO
Post Street Suite 1000 San Francisco, CA 94104 IRVINE OFFICE
Michelson Drive Suite 620 Irvine, CA 92612
1
3333
EXECUTIVE SUMMARY EXECUTIVE SUMMARY EXECUTIVE SUMMARY THE PROPERTY INVESTMENT OVERVIEW INVESTMENT OVERVIEW MARKET OVERVIEW INVESTMENT OVERVIEW INVESTMENT OVERVIEW TABLE OF CONTENTS 04 10 18 13 12 20 27 14 38
EXECUTIVE SUMMARY
BREAKWATER AT MARINA DEL REY
OPPORTUNITY
BERKADIA INSTITUTIONAL SOLUTIONS IS PLEASED TO ANNOUNCE THAT IT HAS BEEN RETAINED AS THE EXCLUSIVE LISTING AGENT FOR THE SALE OF BREAKWATER, A 224-UNIT WATERFRONT APARTMENT COMMUNITY IN MARINA DEL REY, CALIFORNIA.
Breakwater offers an outstanding opportunity to generate outsized going-in cash returns in a coastal market that is fully built-out with no competitive supply expected for decades to come. the property was renovated down to the studs in 2012 and reconstructed with completely new infrastructure and systems including the addition of central Hvac, inunit washers and dryers, new mEP systems and a new building envelope. apartment interiors were renovated with prior cycle class “a” finishes and have remained virtually untouched since that time, offering investors an opportunity to pursue additional discretionary revenuedriven enhancements during their ownership.
the property is situated on a ±6.3-acre parcel with ±630 linear feet of marina frontage, offering unobstructed views of the marina, Pacific Ocean and surrounding wetlands. residents can also walk in 10 minutes to a secluded beach nicknamed “toes Beach” by local surfers where oceanfront homes sell for up to $7 million.
9 | BREAKWATER AT MARINA DEL REY
THE
t he property caters to high-income renters with an average household income of $___,___, which is _._x average in-place rents suggesting the existing tenants can absorb a $___ increase and still be under the 30% benchmark for housing costs as a percentage of total income. Furthermore, with the nearly three-yearlong ban on renewal increases in L a c ounty recently expiring on December 31, 2022, recently signed leases suggest at least $___ of monthly loss-to-lease per unit on the current rent roll, essentially ensuring stable and consistent revenue growth as these leases roll over and are marked to market.
Like all of the other waterfront properties in the marina, Breakwater was developed on land owned by the c ounty of Los a ngeles, conferring unique cash flow, property tax and income tax advantages of a leasehold. t he current lease expires on m ay 9, 2054, with ground rent subject to certain adjustments.
Irreplaceable Low-Density Campus with 630 Linear Feet of Channel Frontage
Breakwater has an expansive and attractive low-density campus with a full complement of common area amenities and spacious floorplans averaging 1,041 square feet. With ±630 linear feet of marina frontage, many of the apartments have unobstructed views of the main channel and Pacific Ocean, offering an idyllic backdrop of sailboats, kayakers and paddle boarders exercising along the coastline. The low-density campus of just ±36 units per acre is rarely seen in prime West LA submarkets and unlikely to ever be replicated again.
Walk to the Beach
Residents at Breakwater are a 10-minute walk from two popular and secluded beaches in Playa del Rey: Toes Beach and Dockweiler. This is a significant advantage compared to other properties in the marina, which primarily offer walking access to man-made beaches in the harbor. There is also an eight-mile bicycle path extending from the property to Culver City that is popular with cyclists, runners, strollers and beach-goers, with the nearest access point located directly across from the property.
Access to the Best of West LA
Breakwater is surrounded by the best retail, dining and nightlife in West LA and is located just a short drive from Venice Beach, Abbot Kinney Boulevard, Playa Vista and the Santa Monica Promenade,. It is also located in the heart of LA’s rapidly growing tech hub–Silicon Beach–where major technology and entertainment employers like Riot Games, Google, Facebook, Hulu, Snapchat, Apple and others have a significant presence.
ExEcutivE Summary | 10
THE PROPERTY
BREAKWATER AT MARINA DEL REY
tHE PrOPErty | 14
BREAKWATER
AT MARINA DEL REY
Breakwater at Marina Del Rey is located on the south end corner of Fiji Way between the Ballona Creek and the Marina Del Rey Channels.
The property is comprised of four residential buildings that contain 224 market rate units with an average unit size of 1,041 square feet. The three-story community features lush landscaping and expansive common area spaces and amenities including two solar heated swimming pools, conference room, business center, fitness center, and multiple outdoor seating to relax and enjoy the stunning ocean views.
15-MINUTEWALKTOBEACH
$3 MILLION (PAST 3 MONTHS)
MARINA DEL
MARVINBRAUDEBIKEPATH
BALLONA CREEK
AVGERAGE HOME SALES PRICE
PROPERTY UNIT MIX FLOOR PLAN # OF UNITS AVG. SQ. FT. % OF TOTAL Studio 2 440 1% 1 Bed x 1 Bath 144 889 64% 2 Bed x 2 Bath 63 1,246 28% 3 Bed x 2 Bath 15 1,728 7% TOTAL/AVERAGE 224 1,041 100% 2 7% 3BR 64% 1BR 28% 2BR 1% ST
15 | BREAKWATER AT MARINA DEL REY
VENICE BEACH
REY CHANNEL
FIJI WAY
MARVINBRAUDEBIKEPATH
BALLONA WETLANDS
ECOLOGICAL RESERVE
SANTA MONICA
ABBOT KINNEY
tHE PrOPErty | 16
APARTMENT FINISHES
• Fully-Equipped Kitchens with Stainless Steel GE Appliances
• Quartz Countertops in Kitchens and Bathrooms
• Kitchen Island (select homes)
• Wood-Look Plank Flooring Throughout First Floor Units and in Kitchen and Entry in Upper Floor Units
• Floor to Ceiling Windows
• Full-Size Stacked GE Washers and Dryers in Each Unit
• Walk-In Closets and Mirrored Closet Sliders (select homes)
• Built-In Desk Area with Shelving (select homes)
• Spacious Private Patios
• Honeywell Smart Thermostat
• Central Air and Heating
17 | BREAKWATER AT MARINA DEL REY
tHE PrOPErty | 18
Solar Heated Swimming Pool, BBQ Grilling Area with Seating, and Sundeck
Serenity Garden
Leasing Center, Fitness Center, Business Center and Conference Room
22-Mile Marvin Braude Bike Trail
19 | BREAKWATER AT MARINA DEL REY
7-Mile Ballona Creek Bike Path to Culver City
Equipment
Solar Heated Swimming Pool, Fire Pit, BBQ Grilling Area with Multiple Lounge Seating
Rentals at Marina Aquatic Center
BBQ Grilling Area, Fire Pit with Multiple Lounge Seating and Stunning Ocean Views
tHE PrOPErty | 20
15-Minute Walk to Beach
COMMUNITY AMENITIES
PROPERTY DETAILS
Address 13900 Fiji Way marina Del rey, ca 90292
Year Built 1964-1969
No. of Units 224 (100% market rate)
Density 35 du/ac
Avg. Unit Size 1,041 sf
Net Rentable SF 233,242 sf
PARKING SUMMARY
Reserved Space 374 spaces
- Inside Garage 343
- Outside Garage 31
Open – Guest 24 spaces (3 are aDa)
Total Spaces 398
Resi Spaces/Unit 1.8/unit
Resi Spaces/Bed 1.3/bedroom
No. of Buildings
Four (4) residential buildings and one (1) stand-alone building with Leasing center, Fitness center, Business center and conference room
No. of Stories three-stories residential over one-story subterranean
No. of Elevators Seven (7)
SYSTEMS
Heating / AC Heat pumps
Electric Individual unit meters
Hot Water Supply central boilers (4 total, all gas)
Plumbing Single master meter with unit sub-meters
Roof Built up asphalt composition
UTILITIES PROVIDER PAID BY
Electricity Southern california Edison resident
Gas Southern california Gas resident
Water La county Dept of Public Works Owner (reimbursed via ruBS)
Sewer La county (On tax Bill) Owner (reimbursed via ruBS)
Trash Waste management Owner (reimbursed via ruBS)
Wifi Spectrum / Direct tv resident
Cable Spectrum / Direct tv resident
SITE PLAN
23 | BREAKWATER AT MARINA DEL REY
1 Bed x 1 Bath | 697 sq. ft. 1 Bed x 1 Bath | 983 sq. ft. 1 Bed x 1 Bath | 987 sq. ft.
tHE PrOPErty | 24
FLOOR PLANS
MARKET OVERVIEW
BREAKWATER AT MARINA DEL REY
BREAKWATER AT MARINA DEL REY
is surrounded by the Westside’s best retail and several of its hottest neighborhoods and destinations, like Abbot Kinney, Venice Beach, and the Santa Monica Third Street Promenade.
marKEt OvErviEW | 28
UNPARALLELED ACCESS to Westside’s Outdoor Amenities
BALLONA CREEK BIKE PATH
BALLONA WETLANDS ECOLOGICAL RESERVE
BALLONA WETLANDS TRAILHEAD
AT MARINA DEL REY 31 | BREAKWATER AT MARINA DEL REY
WESTWOOD CENTURY CITY TRADER JOE’S CEDARS-SINAI Ralph’s, Mendocino Farm, Sugar Fish, Shake Shack, CPK BREAKWATER
Not only is Breakwater at m arina del rey proximate to all of Westside’s famed social hubs and shopping, but it is also unrivaled in its access to the area’s best outdoor recreation. Bordered on three sides by the marina, Ballona c reek, and the Ballona Wetlands Ecological reserve, the property is surrounded by m arina Del rey’s Natural Beauty. Furthermore, residents have immediate access to the Ballona Wetlands trailhead and the Ballona c reek Bike Path, and are within walking distance of toes Beach via the Ballona c reek Bridge.
BALLONA CREEK BRIDGE PATH TO BEACH
BALLONA WETLANDS ECOLOGICAL RESERVE
marKEt OvErviEW | 32
WEALTH OF RETAIL
residents of Breakwater don’t have to venture very far to satisfy their daily needs, with shopping centers such as Waterside at marina del rey and the villa marina marketplace less than a 5-minute drive away. in addition, there is 3 million sq. ft. of retail within a 2-mile radius of the property. Popular neighborhoods such as Playa vista and abbot Kinney offer prime West La retail with high-end markets like Erewhon and Bristol Farms as well as social hotspots such as the Butcher’s Daughter, c&O restaurant, and KazuNori .
Waterside at marina del rey (0.9 mile)
Just a 3-minute drive from Breakwater is Waterside at marina del rey, providing 191,000 sq. ft. of retail with all the neighborhood amenities Breakwater residents need—such as a ralphs, mendocino Farms, Sephora, and La sushi staple SuGarFiSH—and more.
Erewhon (2.9 mile)
Located at the westernmost end of abbot Kinney, Erewhon’s venice outpost provides not just its upscale organic groceries, but also a juice bar, prepared foods, a salad bar, and more. a popular lunch spot for locals, the store also boasts a valet, charming patio, and ample sidewalk bench seating.
33 | BREAKWATER AT MARINA DEL REY
MARINA MARKETPLACE 4,56,400 sq. ft. of retail WATERSIDE AT MARINA DEL REY 1,91,000 sq. ft. of retail THE BOARDWALK SHOPS AT MARINA DEL REY 81,300 sq. ft. of retail BRISTOL FARMS SHOPPING CENTER 34,700 sq. ft. of retail PLAYA LINCOLN 95,000 sq. ft. of retail WESTCHESTER SHOPPING CENTER 2,25,600 sq. ft. of retail WESTCHESTER VILLAGE 1,39,000 sq. ft. of retail MAR VISTA LOS ANGLES PALMS PLAYA VISTA CULVER CITY SENTOUS CIENEGA HAWTHORNE LAWNDALE DEL AIRE VENICEBLVD VISTA DEL MAR 2 mi BREAKWATER AT MARINA DEL REY NORTH marKEt OvErviEW | 34
ABBOT KINNEY
Since being dubbed “the coolest Block in america” by GQ magazine, the mile-long stretch in venice Beach has cemented itself as one of the Westside’s most iconic, eclectic, and eye-catching streets, home to bustling restaurants, high-end boutiques, locally-owned coffee shops and instagrammable street art.
But america’s coolest block isn’t just a can’t-miss stop for any visitor to La, it’s also one of the most desirable residential amenities for residents on the Westside, conveniently located just 8 minutes from Breakwater.
OUTDOOR CAFÉS
Lines are long but worth the wait. venice’s outdoor patios serve as the perfect backdrop for grabbing a bite to eat, people watching or just catching up with friends.
35 | BREAKWATER AT MARINA DEL REY
Butcher’s Daughter
the Butcher’s Daughter opened in 2016 on abbot Kinney Boulevard and immediately became a venice brunch staple serving vegetarian and non-dairy dishes, cold pressed juices, raw smoothies and elixir shots in an indoor/outdoor restaurant with farmhouse chic décor.
marKEt OvErviEW | 36
Intelligensia Coffee
On the northern side of abbot Kinney is intelligentsia, the quintessential hipster La coffee shop that lives up to its hype. Originally opened in 2009, this location finished a remodel in 2020 with all-new gear designed for efficient workflow and speedy customer service, while keeping the same high standard of quality and aesthetic.
Zadig & Voltaire
Paris fashion house Zadig & voltaire is a favorite stop for Westside trendsetters.
Founded in 1997 by thierry Gillier, the brand quickly became recognized for its edgy style and quality materials, eventually becoming a regular at Paris Fashion Week.
37 | BREAKWATER AT MARINA DEL REY 37 Market Overview
The Coolest Block in America
When GQ editors first anointed abbot Kinney ‘the coolest Block in america,’ the mile-long stretch of restaurants, coffee shops and high-end boutiques immediately captured the national spotlight and it hasn’t looked back since.
Plant Food + Wine
in addition to bringing an amazing natural vibe to its dining experience, PFW presents an amazing selection of locally sourced far in a seasonally crafted menu, enriched by an extensive wine list.
marKEt OvErviEW | 38
VENICE BEACH
The Venice Beach Boardwalk has long been known for its quirky collection of souvenir shops, street performers, tarot card readers, skateboarders and body builders, made famous by Arnold Schwarzenegger and Lou Ferrigno’s legendary beachside workouts in the 1970’s, and where bands like The Doors and Jane’s Addiction got their start on the music scene.
It is home to several local treasures, including Muscle Beach Gym, multiple handball, paddle tennis and basketball courts, an outdoor roller skate dance plaza and the world’s largest beachfront skate park.
39 | BREAKWATER AT MARINA DEL REY 39
VENICE SKATEPARK
roughly 16,000 sq. ft., Venice is home to the largest beachfront skatepark in the world, featuring two bowls, a snake run and a street section with steps, rails and platforms. The $3.5 million park was designed by local skaters and opened in 2009. marKEt OvErviEW | 40
At
SANTA MONICA
Santa Monica is a perfect blend of beachside charm and big city sophistication, regularly featured on Forbes’ list of the “Best Downtowns in America.” Its Third Street Promenade is one of the premier retail, entertainment and dining destinations in all of Southern California, attracting 8.7 million visitors per year.
Downtown Santa Monica has more than 2.5 million square feet of retail space and a thriving tourism industry that pumped $750 million into the local economy in 2021, setting a new record for visitor spending. Hotels also continue to be among the strongest in Los Angeles, with an average occupancy of 77.8% and a daily rate of $359.
Forbes’ list of the “Best Downtowns in America.”
41 | BREAKWATER AT MARINA DEL REY
ELEPHANTE
Elephante’s tasty salads, woodfired pizzas, and fresh pastas are only rivaled by its rooftop view. With food and ambiance this good, it’s no wonder the hip, easygoing restaurant received a Michelin Plate award in 2021.
CASSIA
Eater Los Angeles has named Cassia as one of the best restaurants to open in Santa Monica, set in a historic Art Deco building from the 1930’s just off of Santa Monica Boulevard. It is the creation of Bryant and Kim Ng, three-time winners of the LA Times Gold Award.
RENT COMPS
BREAKWATER AT MARINA DEL REY
rENt cOmPS | 64
5 05 MARINA HARBOR UNITS: 966 Year Built: 2005 2 02 NEPTUNE MARINA Units: 526 Year Built: 2019 03 AMLI MARINA DEL REY Units: 585 Year Built: 2018 3 6 06 WAVES Units: 149 Year Built: 2021 1 01 WAYFARER Units: 379 Year Built: 1975 (2018 R) 7 07 HARBORSIDE MARINA BAY Units: 205 Year Built: 2019 04 ESPRIT MARINA DEL REY Units: 437 Year Built: 2008 4
AT MARINA DEL REY 65 | BREAKWATER AT MARINA DEL REY
BREAKWATER
RENT COMPARABLES
PROPERTY / ADDRESS DISTANCE UNITS BUILT OCCUPANCY AVG SF BREAKWATER AT MARINA DEL REY 13900 Fiji Way Marina Del Rey, CA 90292 - 224 1964 2012 (r) 98% 1,041 WAYFARER 14000 Palawan Way Marina Del Rey, CA 90292 2.8 379 1975 2018 (r) 96% 985 NEPTUNE MARINA 14126 Marquesas Way Marina Del Rey, CA 90292 2.8 526 2019 94% 1,013 AMLI MARINA DEL REY 4242 Via Marina Marina Del Rey, CA 90292 3.0 585 2018 92% 1,111 ESPRIT MARINA DEL REY 13900 Marquesas Way Marina Del Rey, CA 90292 3.1 437 2008 93% 1,346 MARINA HARBOR 4500 Via Marina Marina Del Rey, CA 90292 3.2 966 1964 1970 2005 97% 1,009 WAVES 13900 Tahiti Way Marina Del Rey, CA 90292 3.3 149 1968 99% 1,129 HARBORSIDE MARINA BAY 14015 Tahiti Way Marina Del Rey, CA 90292 3.4 205 1968 2013 (r) 98% 878 AVERAGES* 464 1986 96% 1,067 *Averages do not include Subject Property S 1 2 3 4 5 6 7 rENt cOmPS | 66
$5,070 $5,280 $5,383 $5,725 $5,876 $5,967 $6,505 $6,788 $4,320 $4,999 $5,137 $5,250 $5,713 $4,948 $6,196 $3,000 $4,000 $5,000 $6,000 $7,000 Marina Harbor Harborside Neptune Waves Wayfarer Breakwater (Market Rents) Esprit AMLI Avg. Rent Two-Bedroom Rent Chart 1
2 BEDROOM
$3,200 $3,625 $3,897 $4,096 $4,256 $4,380 $4,396 $4,993 $3,200 $3,275 $3,735 $3,861 $4,010 $3,756 $3,957 $4,419 $2,000 $3,000 $4,000 $5,000 Waves Marina Harbor Harborside Wayfarer Neptune Esprit Breakwater (Market Rents) AMLI Avg. Rent One Bedroom Rent Chart Avg Water View Avg Base Rent 67 | BREAKWATER AT MARINA DEL REY
BEDROOM RENT CHART
RENT CHART
BEDROOM RENT CHART
Three-Bedroom
3
$6,954 $7,552 $8,000 $8,052 $8,596 $6,383 $7,021 $7,000 $7,761 $7,253 $5,000 $6,000 $7,000 $8,000 $9,000
Marina Harbor Harborside Breakwater (Market Rents) Esprit Waves AMLI Neptune Avg. Rent
Wayfarer
Rent Chart rENt cOmPS | 68
WAYFARER
14000 Palawan Way, Marina Del Rey, CA 90292
PROPERTY DETAILS
Distance: 2.8 Miles
Total Units: 379
Owner: Legado Companies
Manager: Legacy Partners
Year Built: 1975 (2018 R)
Net Rentable Sq. Ft.: 383,549
Occupancy: 96%
Concessions: None
Date Surveyed:
Parking Policy: $300/month for a single space.
UNIT MIX & AVERAGE RENT
TYPE UNITS AVG SF AVG RENT RENT/ SF Studio 3 708 $2,843 $4.02 1 Bed 287 892 $3,828 $4.29 2 Bed 87 1,289 $5,257 $4.08 3 Bed 2 1,538 $6,220 $4.04 379 Total 985 $4,161 $4.22 1
2 UNIT MIX Studio 1 Bed 2 Bed 3 Bed 75% 23% 1% 1% 69 | BREAKWATER AT MARINA DEL REY
NEPTUNE MARINA
PROPERTY DETAILS
Distance: 2.8 Miles
Total Units: 526
Owner: Prudential Manager: Greystar
Year Built: 2019 Net Rentable Sq. Ft.: 519,542
Occupancy: 94%
Concessions: None Date Surveyed: Parking Policy: $195/month for a single parking space.
2
14126 Marquesas Way, Marina Del Rey, CA 90292
UNIT MIX & AVERAGE RENT TYPE UNITS AVG SF AVG RENT RENT/ SF 1 Bed 284 823 $3,496 $4.25 2 Bed 220 1,190 $4,276 $3.59 3 Bed 22 1,699 $7,302 $4.30 526 Total 1,013 $3,981 $3.93 54 UNIT MIX 1 Bed 2 Bed 3 Bed 54% 42%
4% rENt cOmPS | 70
AMLI MARINA DEL REY
4242 Via Marina, Marina Del Rey, CA 90292
Distance: 3.0 Miles
Total Units: 585
AMLI Residential
AMLI Residential
Built: 2018
Sq. Ft.: 700,000
92%
8 weeks free
3
Owner:
Year
Total
Occupancy:
Concessions:
Date
Parking
Manager:
Surveyed:
Policy:
TYPE UNITS AVG SF AVG RENT RENT/ SF Studio 169 629 $3,277 $5.21 1 Bed 189 967 $4,518 $4.67 2 Bed 169 1,448 $5,708 $3.94 3 Bed 58 2,001 $7,781 $3.89 585 Total 1,111 $4,827 $4.35 29 UNIT MIX Studio 1 Bed 2 Bed 3 Bed 29% 10% 32% 29% 71 | BREAKWATER AT MARINA DEL REY
PROPERTY DETAILS UNIT MIX & AVERAGE RENT
ESPRIT MARINA DEL REY
13900 Marquesas Way, Marina Del Rey, CA 90292
PROPERTY DETAILS
UNIT MIX & AVERAGE RENT
3.1 Miles
4 Distance:
Total
Owner:
Manager:
Year Built:
Total Sq. Ft.:
Occupancy:
Concessions:
Date Surveyed: Parking Policy:
Units: 437
Kennedy Wilson
E&S Ring
2008
551,000
93%
None
TYPE UNITS AVG SF AVG RENT RENT/ SF Studio 68 741 $3,443 $4.65 1 Bed 156 1,100 $4,713 $4.28 2 Bed 176 1,351 $5,722 $4.24 3 Bed 35 1,829 $6,871 $3.76 4 Bed 2 3,674 $13,999 $3.81 437 Total 1,215 $5,137 $4.23 15 UNIT MIX Studio 1 Bed 2 Bed 3 Bed 4 Bed 15% 8% 36% 40% 1% rENt cOmPS | 72
MARINA HARBOR
4500 Via Marina, Marina Del Rey, CA 90292
PROPERTY DETAILS UNIT MIX & AVERAGE RENT
Distance: 3.2 Miles
Total Units: 966
Owner: Kennedy Wilson
Manager: E&S Ring
Year Built: 1964 / 1970 / 2005
Total Sq. Ft.: 1,126,601
Occupancy: 97%
Concessions: None
Date Surveyed:
Parking Policy: 1 parking space included in rent.
5
TYPE UNITS AVG SF AVG RENT RENT/ SF Studio 95 529 $2,855 $5.39 1 Bed 396 829 $3,423 $4.13 2 Bed 475 1,255 $4,902 $3.91 966 Total 1,009 $4,094 $4.06 10 UNIT MIX Studio 1 Bed 2 Bed 41% 10% 49% 73 | BREAKWATER AT MARINA DEL REY
13900 Tahiti Way, Marina Del Rey, CA 90292 6
WAVES
Distance: 3.3 Miles
Total Units: 149
Owner: Penn Equities
Manager: Penn Equities
Year Built: 1968
Total Sq. Ft.: 187,722
Occupancy: 99%
Concessions: None Date Surveyed: Parking Policy:
MIX &
TYPE UNITS AVG SF AVG RENT RENT/ SF Studio 8 720 $3,505 $4.87 1 Bed 49 878 $3,791 $4.32 2 Bed 84 1,260 $4,876 $3.87 3 Bed 8 1,786 $6,400 $3.58 149 Total 1,133 $4,527 $3.99 5 UNIT MIX Studio 1 Bed 2 Bed 3 Bed 5% 5% 33% 57% rENt cOmPS | 74
PROPERTY DETAILS UNIT
AVERAGE RENT
SALE COMPS
BREAKWATER AT MARINA DEL REY
# PROPERTY ADDRESS DATE CLOSED YEAR BUILT UNITS PRICE PRICE PER UNIT PER SF BUYER SELLER 01 Modera West LA 5901 Center Dr Jul-22 2018 374 $230,660,000 $616,738 $722 CA Home Builders Mill Creek Res. 02 1221 Ocean Avenue 1221 Ocean Ave Apr-22 1971/2018 (R) 120 $330,000,000 $2,750,000 $1,787 Douglass Emmett Irvine Company 03 Hanover West LA (Recap) 6711 S Sepulveda Blvd Mar-22 2021 180 $135,000,000 $750,000 $813 R&V Management Hanover/Invesco 04 The Eastway 8740 La Tijera Blvd May-22 2019 136 $73,255,000 $538,640 $658 Zurich CIM Group 05 The Vermont 3150 Wilshire Blvd Nov-22 2014 464 $235,000,000 $506,466 $644 Harbor Group TruAmerica/Principal 06 THEA at Metropolis 1000 W 8th St Nov-22 2020 685 $504,000,000 $735,766 $691 Northland Greenland USA 07 Aliso 950 E 3rd St Sept-22 2019 472 $311,500,000 $659,958 $682 Legendary Dev. Brookfield 08 Angelene 915 N La Brea Ave Mar-23 2016 179 $112,500,000 $628,492 $593 Olympus Property JP Morgan $593 $644 $658 $682 $691 $722 $813 $1,787 0 sf 400 sf 800 sf 1,200 sf 1,600 sf 2,000 sf $0 $400 $800 $1,200 $1,600 $2,000 Angelene The Vermont The Eastway Aliso THEA at Metropolis Modera West LA Hanover West LA 1221 Ocean Avenue Avg. Unit Size (sf) Price Per Sq. Ft. Price Per Sq. Ft. x Avg. Unit Size Price Per Sq. Ft. Avg. Unit Size (sf) $506K $539K $617K $628K $660K $736K $750K $2,750K $0 $5,000 $10,000 $15,000 $0 $1,000 $2,000 $3,000 The Vermont The Eastway Modera West LA Angelene Aliso THEA at Metropolis Hanover West LA 1221 Ocean Avenue Avg. Rent Price Per Unit Thousands Price Per Unit x Avg. Rent at Close Price Per Unit Avg. Rent 79
GLENDALE HOLLYWOOD LOS ANGELES CULVER CITY INGLEWOOD WESTMONT 7 6 5 8 2 3 4 1 NORTH BREAKWATER AT MARINA DEL REY SaLES cOmPS | 80
SALE COMP PROFILES
MODERA WEST LA
5901 center Drive
Los angeles, ca 90045
BuiLt: 2018
uNitS: 374 units
SaLE DatE: Jul-22
PricE: $230,660,000
$/uNit: $616,738
PricE / SF: $722
avG SF: 854 sf
BuyEr: ca Home Builders
SELLEr: mill creek residential
cOmmENtS:
Property includes 1,561 SF of retail. New loan of $173 million (74.9% Ltv) with morgan Stanley. to be rebranded the Q Playa.
1221
OCEAN
1221 Ocean avenue
Santa monica, ca 90401
BuiLt: 1971 / 2018 (reno)
uNitS: 120 units
SaLE DatE: apr-22
PricE: $330,000,000
$/uNit: $2,750,000
PricE / SF: $1,787
avG SF: 1,539 sf
BuyEr: Douglass Emmett
SELLEr: irvine company
cOmmENtS: renovated 1970's high-rise in Santa monica with average rents of $14,500/month. New loan of $175 million (52.7% Ltv) with Wells Fargo.
HANOVER WEST LA
6711 S Sepulveda Blvd
Los angeles, ca 90045
BuiLt: 2021
uNitS: 180 units
SaLE DatE: mar-22
PricE: $135,000,000
$/uNit: $750,000
PricE / SF: $813
avG SF: 922 sf
BuyEr: r&v management
SELLEr: invesco/Hanover
cOmmENtS: recap while in lease-up.
THE EASTWAY
8740 La tijera Blvd
Los angeles, ca 90045
BuiLt: 2019
uNitS: 136 units
SaLE DatE: may-22
PricE: $73,255,000
$/uNit: $538,640
PricE / SF: $658
avG SF: 818 sf
BuyEr: Zurich alternative a.m.
SELLEr: cim Group
cOmmENtS: None.
3
1
4
2 81 | BREAKWATER AT MARINA DEL REY
THE VERMONT
3150 Wilshire Blvd
Los angeles, ca 90010
BuiLt: 2014
uNitS: 464 units
SaLE DatE: Nov-22
PricE: $235,000,000
$/uNit: $506,466
PricE / SF: $644
avG SF: 787 sf
BuyEr: Harbor Group
SELLEr: truamerica/Principal
cOmmENtS: includes 31,800 sf of retail.
THEA AT METROPOLIS
1000 W 8th Street
Los angeles, ca 90017
BuiLt: 2020
uNitS: 685 units
SaLE DatE: Nov-22
PricE: $504,000,000
$/uNit: $735,766
PricE / SF: $691
avG SF: 1,065 sf
BuyEr: Northland
SELLEr: Greenland uSa
cOmmENtS: 59-story luxury apartment building in Downtown La purchased in 1031 exchange.
ALISO
950 E 3rd Street
Los angeles, ca 90013
BuiLt: 2019
uNitS: 472 units
SaLE DatE: Sep-22
PricE: $311,500,000
$/uNit: $659,958
PricE / SF: $682
avG SF: 968 sf
BuyEr: Legendary Development
SELLEr: Brookfield
cOmmENtS:
Legendary Developments, LLc acquired a 50% interest in aliso, with Brookfield retaining a 50% interest. Seller and buyer co-developed the property. includes 22,000 sf of retail.
ANGELENE
915 N La Brea avenue
West Hollywood, ca 90038
BuiLt: 2016
uNitS: 179 units
SaLE DatE: mar-23
PricE: $112,500,000
$/uNit: $628,492
PricE / SF: $593
avG SF: 874 sf
BuyEr: Olympus
SELLEr: JP morgan
cOmmENtS: includes 33,500 sf ground floor Sprouts Farmers market.
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8 SaLES cOmPS | 82
BREAKWATER
AT MARINA DEL REY
