Nuveen has offloaded another property in the Los Angeles area.
Carmel Partners bought Stella, a 244-unit apartment building at 13488 Maxella Avenue in Marina del Rey, from Nuveen for $141 million, Commercial Observer reported. The sale to the San Francisco-based investments and development firm marks the priciest multifamily trade in Marina del Rey in more than a decade and one of only a few properties to sell there since the pandemic.
Carmel bought the residences for nearly $578,000 per unit, a cut of about 15% from the $167.3 million that Chicago-based Nuveen paid for the Stella property in 2013. That same year brought another expensive transaction to Marina del Rey when Capri Capital Partners and Kennedy Wilson acquired the 437-unit Esprit complex for $225 million.
Multifamily properties in Marina del Rey don’t trade hands often, and new construction in the small seaside enclave is even rarer. No new multifamily projects have been built since 2019, and only five properties have sold in the past decade, per Colliers data cited by Commercial Observer.
Of those five, the 198-unit Villa Del Mar sold to an undisclosed buyer in July for $62 million. The seller, Far West Management, developed the property in 1972 and operated it over the next five decades. That property is the third largest of 16 harborside multifamily complexes in Marina Del Rey.
Carmel Partners, meanwhile, is moving forward with plans a few miles away. The developer is planning a 43-story apartment tower at 1050 South La Cienega Boulevard, replacing a vacant lot just south of Beverly Hills. Its proposal calls for 532 units complete with parking and open space. That development will include 64 affordable apartments set aside for extremely-low-income households in order for Carmel to secure Transit Oriented Community incentives to build larger than zoning rules allow.
In May, Los Angeles County officials approved the first fully affordable housing project to rise in Marina del Rey.
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