The developer and operator of a 50-year-old luxury waterfront apartment complex in Marina Del Ray sold the property for $62 million, a source familiar with the deal said. Irvine-based Far West Management offloaded Villa Del Mar to an undisclosed buyer, according to Colliers, which brokered the deal. The deal included a cap on how much the landlord can increase rent connected to the consumer price index, an almost $7 million anchorage improvement requirement due toward the end of the decade, and and a ground lease with 35 years remaining — with the buyer assuming that ground lease with the County […]
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