Capri Capital Partners, LLC, on behalf of an institutional investor, and Kennedy Wilson have acquired the leasehold interest in Esprit, a luxury, multifamily mixed-use project with 437 units and a 227-slip anchorage facility in Marina del Rey.
The $225 million acquisition represents one of the largest multifamily mixed-use transactions in Los Angeles over the past several years, according to Capri Capital.
Beginning immediately, Capri and Kennedy Wilson plan to move forward with a series of upgrades to the property. They plan to invest approximately $5.3 million of additional capital to reconfigure the new leasing center, improve resident facilities, enhance landscaping and upgrade unit interiors.
“Capri’s investment strategy is to actively acquire high-quality, Class-A properties in high barrier markets with supply-demand imbalances and strong economic, demographic and income trends,” said Ken Lombard, partner of investments for Capri. “Esprit is truly an iconic asset that meets our investment strategy and will be highly complementary to our investor’s real estate portfolio.
“We are excited to be teaming up again with Kennedy Wilson to acquire this unique waterfront property and to be investing in one of the most coveted residential communities within Los Angeles County.”
Kurt Zech, president of Kennedy Wilson Multifamily Management Group, added, “Esprit is considered the finest multifamily mixed-use property in Marina del Rey, and an off-market transaction to acquire a property of this size and quality is very rare.”