Dinerstein's Millennium del Rey Trades Hands

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.