Colliers International Completes $4 Million Multifamily Sale in Marina Del Rey, Calif.
Marina Del Rey, CA – May 13, 2011 – (RealEstateRama) — Colliers International, the second largest global real estate services organization, has completed the investment sale of a 6,316-square-foot apartment building located at 15 Outrigger Street, Marina Del Rey, Calif. The transaction sold for $4 million.
Kitty Wallace, executive vice president, based in Colliers International’s West Los Angeles office, represented both the Buyer, a Los Angeles-based real estate investment firm, and the Seller, private investors based in Hawaii.
The Outrigger Apartments is located on the prestigious Marina Peninsula, just steps from the sand and the canals. The four-story asset was built in 1972 and was renovated in 1982. The property’s spacious floor plans and parking ratio of 2.55 spaces per unit creates the opportunity for a condominium conversion further down the road.
“Almost immediately, we saw tremendous interest in the Outrigger Apartments. As expected the property scored well with investors due to its coastal location, impeccable condition, and 100% occupancy rate,” said Wallace. “There was an aggressive bidding war over the asset and it finally sold at list price with $100,000 hard money up front to a 1031 exchange Buyer.”
“The fact that the property sold for $444,444 per unit and a 3.84 CAP Rate is an excellent indicator that class-A markets of the city continue to draw top market values regardless of the recession. There is always demand for high-end properties in good neighborhoods,” added Wallace.
Additionally, the property has an excellent unit mix with one one-bed, one-bath unit, two one-bed, one-bath, plus a loft and patio units, four two-bed, two-bath units, and two two-bed, plus a loft and patio units. The units are all spacious, have walk-in closets, balconies, and fireplaces in every bedroom and living room. Most units have double-paned windows and three have washer/dryer hook-ups. Common area amenities include 23 parking spaces, an elevator, a laundry room, and controlled access entry.
About Colliers International
Colliers International is a global leader in real estate services with more than 15,000 professionals operating out of 480 offices in 61 countries. As a subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), Colliers offers the stability of a strong financial partner and significant local ownership providing clients with accountability and enterprising real estate solutions. Colliers provides a full range of services to real estate users, owners and investors worldwide including: global corporate solutions; sales and lease brokerage; property and asset management; project management; hotel investment sales and consulting; property valuation and appraisal services; mortgage banking and insightful research. The Lipsey Company and National Real Estate Investor magazine ranked Colliers International as the world’s number two commercial real estate brand.
Since 1908, Colliers has stood at the forefront of the Los Angeles real estate industry. Today, Colliers operates seven offices throughout Greater Los Angeles, including Downtown Los Angeles, Orange County, Inland Empire, South Bay, San Fernando Valley, Santa Clarita and Commerce. Follow us at www.twitter.com/colliersgla.
For further information please contact:
Angela Hwang, Regional Marketing Coordinator
Greater Los Angeles, Colliers International
Tel: 213 532 3258
angela.hwang (at) colliers (dot) com
www.colliers.com
