LOS ANGELES – American Realty Advisors has acquired The Millennium Del Rey, a 196-unit apartment community in the Los Angeles submarket of Marina Del Rey, for an undisclosed sum. The community is located at 5550 Grosvenor Blvd.
The Millennium Del Rey is situated in the Silicon Beach region of Los Angeles, which consists of Playa Del Rey, Playa Vista, Marina Del Rey, Venice and Santa Monica.
The area is also set to receive the Runway, a 221,000-square-foot, mixed-use development, by the end of the year. Runway will be anchored by Whole Foods, Cinemark Theatres, and CVS. It will also include Veggie Grill, Panini Café and Sol Cocina.
The Millennium’s community amenities include a fitness center, resort-style pool, barbeque courtyards, a dog area, a business center, surfboard storage and a bicycle maintenance room. The community has been built to LEED-Gold standards.
Residents are also able to opt for a technology package that includes built-in Apple TVs that provide easy access to iTunes, iCloud, the Apple Store, Netflix and Hulu. The Monarc Tree System is another optional feature that allows residents to control lighting, thermostat settings, built-in speakers and entertainment options from anywhere in the world.
Construction on The Millennium was just completed this past June. The asset had already achieved 85 percent occupancy when it was acquired from The Dinerstein Companies.
American Realty Advisors represented itself in the transaction. The Dinerstein Companies was represented by Mary Ann King and Thomas Moran, Jr., of Moran & Company.