Marina del Rey, Calif. – Irvine, Calif.-based Standard Pacific Homes has sold Redwood Lofts, a newly-completed, four-story, 140-unit multifamily community in the Del Rey Loft District of Marina del Rey, Calif., to Behringer Harvard through a strategic alliance with Phoenix-based Alliance Residential for an undisclosed amount in a deal brokered by the California office of Moran & Company. Mary Ann King, president, and Brett Betzler, a director, brokered the transaction. The sale closed on September 22, 2009.

Ram Fullen, Standard Pacific Los Angeles – Urban Division President, noted that “Redwood Lofts was intended to be a for-sale community, but as market conditions eroded during construction, it became clear that selling the property to a rental investor was a viable alternative and economically a better strategy. With gourmet kitchens, spacious floor plans, and a true, resort-style pool area, we think our product will really stand out in the rental market, where the vast majority of the apartments are at least 30 years old.”

Betzler noted that, “The demand for high-quality rental product is very strong because Marina del Rey is close to the beach and LAX, and professional employment centers, such as Westwood and Century City. We believe that Redwood Lofts will appeal to an underserved segment of the market that is willing pay a little more for upscale accommodations. Given the extraordinary difficulty of getting a new development approved in Marina del Rey, we see this is a long term competitive advantage.”

Redwood Lofts has 140 units, comprised of townhomes and flats, in two four-story buildings over a one-level podium parking garage with a parking ratio of 2.43. The average unit size is 1,306 sq. ft. The standard ceiling height is 10 feet, with 20 foot ceilings in some townhomes. All units include oversized windows and large patios. Expansive kitchens include granite countertops, tile backsplashes, stainless steel appliances, and spacious wood cabinets. Bathrooms feature stone and ceramic tile countertops, detailed backsplashes, stone and tile tub surrounds, and glass tub enclosures. The centerpiece of the property is a large resort-style pool area adorned with mature palm trees and oversized planters. The pool area includes several gathering areas equipped with barbeques, a fire pit, and a decorative water feature.

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