AMLI Residential begins leasing nearly 600 high-end waterfront apartments in Marina del Rey
By Gary Walker
More than three years after breaking ground along Via Marina between Marquesas and Panay ways, AMLI Residential has begun leasing 585 brand-new luxury apartments in Marina del Rey.
The sprawling 10.4-acre development of multiple five-story structures is connected by a waterfront promenade with shared amenities. Units vary from a 643-square-foot studio loft offered for $3,475 per month to a 2,240-square-foot apartment with three bedrooms and two bathrooms for $10,570 per month. The complex also includes 47 apartments set aside as affordable housing for seniors.
Continuing demand for high-end housing within the footprint of the thriving Westside tech industry hub known as Silicon Beach was a major catalyst for the development.
“We have many units with different price points, but that’s part of our business plan — to attract that demographic. So far we’ve been well received by the market for our architectural design and our amenities,” said AMLI Residential Senior Vice President Jason Armison.
As of last month, about 26% of AMLI’s apartments had already been leased and about 20% were already occupied, he said.
“About two-thirds of the project is still under construction, but we’re off to a good start,” Armison said. “We also have 122 boat slips that are available right now.”
The average cost of rental housing in Marina del Rey as of October was $3,497 per month, according to Yardi Matrix, a leading commercial real estate research and data platform.
That figure represents a 9.5% year-over-year increase and makes Marina del Rey the 44th most expensive zip code in the United States for renters, according to Yardi Matrix. Santa Monica ranks 40th on the Yardi Matrix most-expensive list, and Playa Vista ranks 37th.
About two blocks away from the new AMLI apartments, the new Neptune Marina Apartments are beginning to take shape more than two years after the demolition of the original 1965 condo complex.
The aging Neptune Marina included 136 market-rate townhouses with rents in the mid-$2,000s or less for long-term tenants. The new complex will include 526 units, with pricing yet to be announced.
Los Angeles County Supervisor Janice Hahn, whose district includes Marina del Rey, has publicly committed to expanding affordable housing in the marina since taking office in late 2016, after the AMLI and Neptune projects had already received county approvals. Hahn recently negotiated a new long-term lease for Mariners Village that includes setting aside nearly 200 apartments as affordable housing.