(Marina del Rey, CA – April 12, 2023) – Equity Residential recently embarked on a $45 million capital improvement program at the Pearl Apartments in Marina del Rey, CA, and this week delivers the first 87 upgraded residences, announced Eric Grossman, Vice President of Investments for Equity Residential. Constructed in 1969 as one of Marina del Rey’s original apartment communities, Pearl Apartments consists of 597 market rate garden-style apartments in 15 three-story buildings spread across more than 11 landscaped acres, complete with tennis courts, resort-style pool, convenience store, community meeting spaces, and more.
“We are leveraging Pearl’s campus-style layout to break the major reconstruction of the community into phases, allowing the transformation to be completed while the majority of the community remains occupied,” stated Grossman. “With each phase taking approximately six months, the full renovation is expected to be completed in Q1 2026.”
As work proceeds, Equity Residential is offering existing residents several alternate housing opportunities while their apartments are being upgraded. At ownership’s expense, residents have the option to be relocated into an available like-sized apartment within the property, where they will continue to enjoy their existing lease rate, explained Grossman. Should the resident prefer to move to alternate accommodations nearby, Equity Residential will again cover all moving expenses. Returning residents will move back into their newly renovated apartment at the same lease rate as prior to relocation.
The firm acquired the ground lease for the community in 2012 and took control of its management in 2018. With the first phase now complete, the newly renovated apartments will be available for occupancy in April 2023. Core to the renovation is a complete replacement of the plumbing infrastructure, while the new interiors introduce a clean, modern aesthetic enhanced by a bright coastal color palette. The residences will have new kitchens that include energy efficient stainless-steel appliances, quartz countertops, subway tile backsplashes, and wood plank hard surface flooring throughout. Additional upgrades include energy efficient LED lighting, new bath fixtures and sinks, water-efficient commodes, and tubs with rain showers. The community’s laundry facilities are also being upgraded with new energy efficient and high-capacity washer and dryers and new interiors.
Residents at the reimagined Pearl Apartment community also enjoy a host of on-site amenities including a resort-style pool and two spas, four tennis courts, two basketball courts, a children’s playground, a convenience store, a dry cleaner, fitness center, communal BBQ grills, plus community/event space all situated amongst thoughtfully landscaped grounds – just steps to restaurants and an easy walk to the beach.
About Equity Residential
Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 308 properties consisting of 79,594 apartment units, with an established presence in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft. Worth and Austin.
