Far West Management Sells SoCal Harborfront Apartments for $62M
It’s the first multifamily deal in Marina Del Rey since 2019, and only the fourth over the past decade
By Nick Trombola July 18, 2025 4:43 pm
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A waterfront housing community in Southern California’s Marina Del Rey has traded hands, the neighborhood’s first waterfront multifamily property to sell in the post-COVID era.
Irvine, Calif.-based Far West Management sold Villa Del Mar, a 198-unit luxury apartment complex with 1,500 linear feet of marina frontage, to an undisclosed buyer for $62 million. The Real Deal first reported the sale price, citing an anonymous source. A representative for Colliers, whose Vice Chair Kitty Wallace represented both the buyer and seller in the deal, did not immediately respond to a request for more information.
“This was a rare opportunity to acquire a flagship coastal asset with inherent scarcity, stable cash flow, and numerous value-creation avenues,” Wallace said in a statement. “Waterfront multifamily properties in Marina del Rey seldom trade, and savvy investors immediately recognized the long-term upside presented by Villa Del Mar, particularly in a submarket bolstered by high incomes, limited new supply, and proximity to the economic engine of Silicon Beach.”
Far West Management developed Villa Del Mar, at 13999 Marquesas Way, in 1972 and has operated it over the past five decades. The community is the third largest of only 16 harborside multifamily properties in Marina Del Rey. Far West has spent over $27 million upgrading the complex over the past decade, per Colliers.
Villa Del Mar’s amenities include a pool and spa, tennis and basketball courts, a fitness center, and 209 boat slips with a historical occupancy of 99 percent. “Tonight Show” legend Johnny Carson had for years housed his yacht at the property, according to Colliers.
To call Marina Del Rey “exclusive” is an understatement — zero new multifamily properties have delivered there since 2019, and only four properties have traded hands there within the past decade.
Average apartment rent prices in Marina Del Rey are likewise some of the highest in the country, at $3,632 per month, according to Apartments.com. That’s 122 percent higher than the national average, and about 66 percent higher than the Los Angeles average. Indeed, the deal for Villa Del Mar included a 0.6 percent, consumer price index-linked rent cap on the property.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
