Nuveen has offloaded another property in the Los Angeles area. Carmel Partners bought Stella, a 244-unit apartment building at 13488 Maxella Avenue in Marina del Rey, from Nuveen for $141 million, Commercial Observer reported. The sale to the San Francisco-based investments and development firm marks the priciest multifamily trade in Marina del Rey in more than a decade and one of only a few properties to sell there since the pandemic. Carmel bought the residences for nearly $578,000 per unit, a cut of about 15% from the $167.3 million that Chicago-based Nuveen paid for the Stella property in 2013. That […]
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