STELLA

Jones Lang LaSalle Americas, Inc., as exclusive advisor, is pleased to present for sale Stella (the Property”, the “Community”), an irreplaceable, fee-simple 244-unit community located in the coveted beach side community of Marina del Rey. Adjacent to Stella is a ±0.64-acre separately parceled development site with breathtaking coastal views currently used as a park and dog run for residents of Stella. This development site is owned by the same ownership as Stella and may be offered on separately, for development or tax benefits (Measure ULA threshold 4.0% $5.15M to $10.3M), or considered in an offer for Stella.

Located less than 2-miles from the Pacific Ocean, Stella is one of only five fee-simple 100+ unit communities located in Marina del Rey (“MDR”). The Property features a well-balanced mix of studio, one-, two- and three-bedroom homes with oversized floorplans (avg. ±970 SF) and extra-large condo spec balconies complemented by an excellent amenity set including a large resort-style pool and spa, outdoor beach sand pit, movie-theatre, and large fitness center. As a result, Stella is a top choice for Marina del Rey’s affluent renters with ±54% of households on site earning six-figures or more annually. Completed in 2013, Stella is well-positioned for a unit interior and common area renovation program with post-renovation rents reflecting a ±14% blended premium to as-is market rents.

Stella is the most walkable community in Marina del Rey due to its excellent retail proximity, earning the Property an impressive 86 WalkScore, well above the MDR average of 63. Located adjacent to the Community is Marina Marketplace, a ±500k SF regional mall featuring upscale tenants such as Gelson’s Marketplace, Equinox, AMC Dine in Theatres, Yard House, Ruth Chris Steakhouse amongst others. Also, within a 2-minute walk are other major grocers such as Pavilions, Ralphs, and CVS, ensuring tenant’s everyday needs are met with unmatched convenience. The Property enjoys excellent frontage along Lincoln Boulevard and the Marina Expressway, providing residents with quick access to picturesque Venice Beach, bustling Abbot Kinney retail corridor, or any of the major job centers within Silicon Beach. Few opportunities ever arise to acquire a fee simple interest in a rare California coastal asset making Stella a captivating opportunity.