Marina del Rey's Esprit Apartment Complex Sells for $225 million

Marina del Rey’s Esprit Apartment Complex Sells for $225 million – 13900 Marquesas Way

The Esprit aparment complex in Marina del Rey sold for $225,000,000. This sale marks one of the largest real estate deals of the year in Southern California.

The Esprit 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 the Esprit in 2008 on land it leased from Los Angeles County.

The new owners have assumed the land lease and will start work on $5.3 million worth of improvements to the Esprit.

Marina del Rey lies on 400 acres of unincorporated land in Los Angeles County. In recent years, county officials have mounted a push to spruce up the neighborhood around the public marina that was dedicated in 1965. The land there remains owned by the county, which has urged leaseholders to upgrade their restaurants, shopping centers, hotels and apartments in the hope of creating a more dynamic community.

“We absolutely believe the marina has a tremendous amount of upside and are very excited about this opportunity,” he said. “We perceive this to be the premier property there in terms of location and quality of the units.”

The 18-acre Esprit site has five buildings and a marina with 227 boat slips available for rent.