Glendale real estate investment management company American Realty Advisors has acquired the Millennium Del Rey, a 196-unit apartment community in Playa del Rey, in a deal valued at nearly $100 million.
Houston developer Dinerstein Cos., which completed construction of the project in June, sold the property for nearly $508,000 a unit, according to real estate data provider CoStar Group Inc.
The apartment building, at 5550 Grosvenor Blvd., sits on a 5-acre site across the street from Playa del Rey Elementary School. The property was on the market for about 60 days before Dinerstein and American Realty came to terms. The sale closed Oct. 7.
Gary Steinhard, director of investments at American Realty, said the company was attracted to the apartment community by its walkable Westside location, as well as its performance just months after opening.
“This acquisition is consistent with American’s strategy to identify well-located, quality properties in markets with high barriers to entry,” he said in a statement.
The property, which was about 85 percent occupied at the time of sale, has 84 one-bedroom units, 96 two-bedroom units and 16 three-bedroom units. Rents range from $2,425 a month to $4,739 a month.
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