Esprit Apartments Sold for $225 Million
Esprit in Marina del Rey sold for $225 million, marking one of the largest Southern California real estate transactions of the year.
The property was purchased by real estate investment firms Capri Capital Partners and Kennedy Wilson from a partnership led by former Los Angeles City Councilwoman Cindy Miscikowski.
Miscikowski is the widow of developer Douglas R. Ring, who was one of Marina del Rey’s largest property leaseholders and apartment owners. His company completed Esprit in 2008 on land leased from Los Angeles County.
About the Esprit Sale
The new owners assumed the property’s land lease and announced plans for approximately $5.3 million in improvements to Esprit. Read the original Los Angeles Times article →
- Sale Price: $225 million
- Completed: 2008
- Site: Approximately 18 acres
- Buildings: Five
- Marina: 227 boat slips available for rent
- Land: Leased from Los Angeles County
- Planned Improvements: Approximately $5.3 million
Marina del Rey’s Leasehold Structure
Much of Marina del Rey sits on unincorporated Los Angeles County land, with many apartment, hotel, restaurant, and commercial properties operating under long-term ground leases with the County.
At the time of the Esprit sale, Los Angeles County was encouraging leaseholders throughout Marina del Rey to renovate and upgrade older properties around the harbor.
“We absolutely believe the marina has a tremendous amount of upside and
are very excited about this opportunity. We perceive this to be the premier
property there in terms of location and quality of the units.”
Where Is Esprit Marina del Rey?
Esprit is located at 13900 Marquesas Way in Marina del Rey.