MARINA DEL REY, CA—American Realty Advisors has purchased the Millennium del Rey from Dinerstein for an undisclosed amount, GlobeSt.com reports exclusively. The 196-unit apartment complex is LEED-Gold certified and has smart home technology, which has helped to attract tenants from the area's surrounding tech and media employers.

Dinerstein completed construction of the apartment complex in April of this year, but waited to bring it to market until the property was well occupied. “We didn't market the property for several 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, tells GlobeSt.com. “In most properties, you try to mature the rents or create transparency, so if you are a potential buyer, you can clearly 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 per square foot.

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

In addition to price, this particular buyer was a strong contender because of its knowledge of the submarket. “This buyer is very unique and understood the market very well,” says Moran. “ARA is a pension fund advisor and previously was on the board of Playa Vista, so they really understand this neighborhood and have been involved with it over the years. They really had a deep knowledge of home sale and apartments, and obviously whatever is happening over in Playa in general. They really believe in the neighborhood and want this property as a long-term hold.”

Understanding the neighborhood was important because it is changing so quickly with constant news of new employers and developers finding opportunities in the area. “The neighborhood is maturing very nicely,” says Moran, noting the new Runway mixed-use development under construction in Playa Vista, which brings a live/work/play aspect to the neighborhood. However, he says the most part of the submarket's story is the job growth in the area. “This particular part of L.A. has had the most office absorption. In 2013, it absorbed about 400,000 square feet of office space. Right now in 2014, the submarket will do the exact same thing, possibly more.”