American Realty Advisors Acquires Stabilized Luxury Multifamily Asset in Los Angeles’ South-After Silicon Beach Market

The Millennium Del Rey, 5550 Grosvenor Boulevard, Los Angeles, CA

LOS ANGELES, CA – American Realty Advisors, an investment manager to institutional investors with more than $6 billion in assets under management, has acquired The Millennium Del Rey, a new Gold LEED-pending certified apartment community with condo-quality units, state-of-the-art technology, and a location in the steadily growing Marina Del Rey/Playa Vista market, according to Gary Steinhardt, Director of Investments at American Realty Advisors.

“The asset, which was just completed in June of this year, was already at 85 percent occupancy when we acquired it from the developer, The Dinerstein Companies,” Steinhardt said.

 “This acquisition is consistent with American’s strategy to identify well-located, quality properties in markets with high barriers to entry. 

“The Millennium Del Rey is in a strong and rapidly growing creative and technology employment area.  It is a 15-minute walk from a new mixed-use center featuring restaurants, entertainment and groceries, and it is in close proximity to freeways, a bike path, the beach and the marina.”

Mary Ann King

“While the property is still new and has been built to a true luxury level,  American Realty Advisors, on behalf of its client, will be upgrading the entrance, as well as adding improvements to the pool, Zen garden and other common areas,” Steinhardt adds.

The Millennium Del Rey is located at 5550 Grosvenor Boulevard in Los Angeles.  American Realty Advisors represented itself in the acquisition.  Mary Ann King and Thomas Moran, Jr. of Moran & Company represented The Dinerstein Companies in the sale.

For a complete copy of the company’s news release, please contact:

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com