The Four-Decade Deal: Inside the $170M Sale of Marina del Rey's Shores

LOS ANGELES, CA – August 10, 2026 – A landmark transaction in Los Angeles real estate has closed, with the 544-unit Shores apartment community in Marina del Rey selling for $170 million. The deal, one of the largest in the county this year, saw Shores LLC, advised by the law firm Cox, Castle & Nicholson, sell the premier coastal property to affiliates of Jackson Square Properties. But beyond the staggering price tag lies a story spanning nearly four decades, tracing the evolution of a single property from a modest 1960s complex into a luxury icon, mirroring the transformation of Los Angeles itself.

A Bellwether for Coastal Real Estate

The $170 million sale serves as a powerful testament to the enduring strength and investor appetite for luxury multifamily assets in Southern California's prime coastal submarkets. In a landscape of fluctuating market signals, this transaction sends a clear message: institutional capital remains confident in the long-term value of high-quality, well-located residential properties. The buyer, Jackson Square Properties, a private real estate investment firm with a multi-billion dollar portfolio, specializes in acquiring such institutional-grade assets in high-barrier-to-entry markets, and the Shores property fits that mandate perfectly.

The community's appeal is intrinsically linked to its location at the heart of "Silicon Beach," the Westside Los Angeles corridor that has become a global hub for technology, media, and entertainment. Completed in 2013, Shores was intentionally designed to cater to the affluent professionals fueling this economic engine. The persistent demand for high-end housing from this demographic underpins the property's valuation and signals a stable, income-generating future for its new owners. This dynamic makes Marina del Rey a perennial target for investors seeking resilient returns.

Adding another layer of complexity and value is the unique land ownership structure. The underlying land is owned by the County of Los Angeles, managed by its Department of Beaches and Harbors, and leased to private developers on a long-term basis. Navigating these public-private partnerships requires specialized expertise, making properties like Shores not just real estate assets, but intricate legal and financial instruments.

Four Decades, One Property: A Legal Marathon

The sale of Shores is the culmination of a legal and developmental saga almost unheard of in its duration, personified by the career of Cox Castle Partner Ira Waldman. His involvement with the property began nearly 40 years ago, in the late 1980s, long before the gleaming glass and steel of the current structure existed.

Waldman’s initial task was to negotiate the crucial ground lease extension with the County of Los Angeles, a foundational step that secured the site's future. Over the subsequent decades, he provided counsel through multiple redevelopment proposals, a testament to the persistent vision of the original developer, the late Jerry Epstein, whom Waldman described as "a founding father of Marina del Rey." This journey involved navigating the labyrinthine process of financing and developing the existing community, a feat that included securing what was, at the time, the largest HUD-insured loan in the United States. The involvement of the U.S. Department of Housing and Urban Development underscores the project's complexity, blending private ambition with public housing components.

"Having the opportunity to advise on Shores over the course of nearly 40 years has been incredibly rewarding," said Waldman. "This transaction marks the culmination of decades of planning, redevelopment, financing, and stewardship of one of Southern California's most distinctive waterfront residential communities. We are proud to have helped guide the project through each chapter of its history." His long-term perspective highlights a critical, often unseen, aspect of urban development: the marathon of legal, financial, and political maneuvering required to bring a vision to life. The final sale, which had a hard deadline of June 30, 2026, involved a coordinated effort between multiple parties, including the buyer's counsel at Rutan & Tucker and the County of Los Angeles itself.

From 1960s Garden to Silicon Beach Icon

The transformation of the site is a powerful narrative of urban redevelopment. Before its 2013 debut, the property was home to Del Rey Shores, a 202-unit garden apartment complex built in the 1960s. That "underutilized" property was demolished in 2011 to make way for the ambitious project that stands today: a sprawling, 12-building community of 544 contemporary residences.

The design of Shores was a direct response to the evolving lifestyle demands of its target market. The one- and two-bedroom residences feature modern finishes, open floor plans, and private balconies offering sweeping views of the Pacific Ocean and the marina. The amenity package is explicitly resort-style, centered around a massive 2.5-acre park-like courtyard. This central oasis includes a swimming pool, dual spas, fire pits, barbecue areas, and a bocce court. Beyond the courtyard, residents have access to sky terraces, an indoor-outdoor gym, co-working spaces, and dedicated pet-friendly facilities.

This emphasis on high-amenity, community-centric living reflects a broader trend in luxury multifamily development. It's no longer just about the apartment unit; it's about providing a comprehensive lifestyle that blends work, wellness, and social engagement. By creating a self-contained luxury environment, the developers successfully captured the imagination—and rental dollars—of the Silicon Beach workforce, establishing Shores as a premier address on the Westside.

The New Steward and the Future of the Marina

With the keys now in the hands of Jackson Square Properties, Shores enters a new chapter under a new steward. The San Francisco-based firm's extensive experience managing over 70 multifamily communities across the country suggests a strategy focused on long-term ownership and operational excellence. The acquisition is a significant addition to its portfolio, which already exceeds $4.5 billion in value.

However, the sale also brings into focus the broader conversation about the future of Marina del Rey. With 26 waterfront ground leases set to expire over the next seven years, the County is actively engaging in a planning process dubbed "Marina del Rey for All: The Next Wave." This initiative aims to recalibrate the balance between private commercial interests and public benefit. Community priorities that have emerged from this process include a greater emphasis on affordable housing, expanded public parks and open spaces, and low-cost recreational access to the water.

While the original Shores redevelopment was noted for including 54 low-income units as part of its HUD-backed financing, the overwhelming luxury character of new projects in the area has fueled ongoing debates about gentrification and exclusivity. The $170 million price tag for Shores underscores the immense commercial value of the marina's land, raising the stakes for the County as it decides how to leverage that value for the benefit of all Angelenos, not just the affluent few who can afford a waterfront view. This transaction is therefore not just an end to one story, but a pivotal marker in the ongoing narrative of Marina del Rey's future.