**Colliers Closes First Waterfront Marina del Rey Apartment Trade Since 2019**
Colliers has successfully facilitated the sale of Villa Del Mar, a 198-unit luxury waterfront multifamily community located in Marina del Rey. The transaction marks the first sale of a waterfront multifamily asset in the area since 2019, and one of only four such deals completed in the past decade.
Vice Chair Kitty Wallace of Colliers represented both the seller—original developer Villa Del Mar Properties along with longtime operator Far West Management—and a private buyer in the transaction.
“This was a rare opportunity to acquire a flagship coastal asset with inherent scarcity, stable cash flow, and numerous value-creation avenues,” said Wallace. “Waterfront multifamily properties in Marina del Rey seldom trade, and savvy investors immediately recognized the long-term upside presented by Villa Del Mar, particularly in a submarket bolstered by high incomes, limited new supply, and proximity to the economic engine of Silicon Beach.”
The deal faced several complexities, including a ground lease with 35 years remaining, a newly enacted 0.6% CPI-linked rent cap during the marketing period, and a $6.68 million anchorage improvement commitment required by 2029. Despite these challenges, the offering attracted strong global investor interest. The Wallace Team spearheaded a broad marketing campaign that engaged hundreds of potential buyers worldwide.
