Jackson Square Makes $170M Marina del Rey Multifamily Buy

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Jackson Square Properties has scooped up a multifamily property in Marina del Rey, California, for $170 million. This dollar amount represents one of the largest commercial deals that's taken place in Los Angeles County this year so far, according to law firm Cox, Castle & Nicholson LLP, which represented the seller, Shores LLC.

JLL brokered the transaction.

The deal was led by Ira Waldman, partner at Cox, Castle, who has advised on the property for decades through legal counsel. This includes taking part in extending the ground lease, financing the original development and multiple repositionings.

Now, the asset, known as Shores, has turned into a premier coastal community, from a 1960s garden apartment offering. Shores offers 544 units, which are mostly one- and two-bedroom residences, across 12 interconnected buildings (five stories each).

Amenities at the properties include a 2.5-acre courtyard, bocce court, sky terraces, barbecue areas, fire pits, a pool and dual spas. Plus, a marina is nearby and views of the Pacific Ocean can be seen.

The redeveloped property was designed to meet demand from professionals coming from Silicon Beach and the Westside, according to Cox, Castle.

"This transaction marks the culmination of decades of planning, redevelopment, financing, and stewardship of one of Southern California's most distinctive waterfront residential communities," Waldman, said in a statement.

"We are proud to have helped guide the project through each chapter of its history. It has also been an honor to have worked for decades with the legendary Jerry Epstein, a founding father of Marina del Rey, in his tireless efforts to bring the Shores project to completion."

Currently, coastal markets are seeing a major jump in permitting. Los Angeles ranked third on Realpage's analysis of U.S. Census Bureau data for the 12 months ending June, with 16,124 units, just behind New York and Dallas. Also, the 94.9 percent annual gain led all markets.