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October 16, 2019  

Value-Added Rental Play Near LA

Equity Residential is shopping the leasehold interest in a waterfront apartment complex near Los Angeles that’s suitable for renovation.The 597-unit Pearl Apartments, in Marina del Rey, Calif., is valued at about $150 million, or $251,000/unit. The Chicago REIT has given the listing to Eastdil Secured.The 1969-vintage property is on an 11.5-acre site at 4111 Via Marina, facing the coastal town’s marina. The underlying ground is owned...

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