Essex Marina City Club, L.P. assigned Amended and Restated Lease No. 55624 for Parcel 125I in Marina del Rey (the Marina City Club leasehold) to 4333 Admiralty Owner, LLC. County materials put the price at $24.75 million; later reports put the sale at about $24.8 million. Matthews represented both sides.
The interest covers The Promenade at 4333 Admiralty Way: 101 apartments, a 303-slip marina, and about 30,000 square feet of commercial space. It is distinct from the roughly 600 condominium leaseholds in the three towers. The ground lease runs to July 29, 2067 and was not extended by the assignment. Management is with Coastline Real Estate Advisors, Inc.
County process, not an L.P. emergency meeting:
- The Small Craft Harbor Commission endorsed the assignment on April 8, 2026.
- A Board of Supervisors letter dated May 19, 2026 recommended consent.
- The item was carried as revised agenda item 35 for June 30, 2026.
- Public comments around that time raised restaurant debt, operator selection, and governance issues for the club facilities.
- Trade coverage in early September 2026 reported the sale as completed—the first trade of this interest in more than 20 years. Essex had held it since about 2004.
Sources include the Los Angeles County Board letters (file.lacounty.gov) and September 2026 reports from the Los Angeles Times and Multi-Housing News.
4333 Admiralty Owner, LLC is a Delaware limited liability company that took the Marina City Club Parcel 125I leasehold from Essex Marina City Club, L.P. It is the title-holding entity for the Coastline Real Estate Advisors group that bought the interest for about $24.75–$24.8 million. The assignment closed around early September 2026.
Los Angeles County’s ownership chart (Enclosure A to the May 19 / June 30, 2026 Board letter) shows this structure:
- Manager / property manager: Coastline Real Estate Advisors, Inc., based in El Segundo (134 Lomita Street). Executives listed: Steven Ludwig (President/CEO), Eric Freedman (CFO), James Killian (COO), and Jimmy Ordaz (Director of Property Management). Coastline handles the apartments, marina, and commercial space.
- Control vehicle: 4333 Admiralty Holdings, LLC (Delaware), with FLK MMC, LLC as managing member (10%).
- Main member of the holdings company: Marshall and Kathy Wax Family Trust dated May 11, 1992 (about 80%), trustees Marshall J. Wax and Kathy Eisner Wax.
- Other disclosed interests (about 26.66% each at the manager level, plus smaller stakes): Steven Ludwig as trustee of the Ludwig Family Trust; Eric Freedman as trustee of the Freedman Living Trust dated November 17, 2016 (via FLK, LLC as sole member); James Killian as managing member of Kimmie Capital, LLC; Jerry Baker, trustee of the Baker Living Trust; Erich Koenig; and additional investors at about 10%.
The county note says that, except as shown on the chart, no person or entity holds 20% or more, alone or with affiliates, and that financing was to be personally guaranteed by the investors. Reported equity net worth of the assignee exceeded $50 million. Coastline itself is a private Southern California apartment and marina manager founded in 2008, not a public REIT.
Sources: LA County Board letter and Enclosure A (file.lacounty.gov), plus September 2026 reports naming Coastline / Steven Ludwig as buyer.
Emergency Marina City Club L.P. Sale Meeting is on June 10, 2026!
Link to meeting information-
For more information about the Marina City Club L.P. Sale Meeting is on June 10, 2026-
Call Marina City Club Division Chief Asset Manager Miguel Covarrubias at 424 526-7725 or email: MCovarrubias@bh.lacounty.gov
You can also call Secretary Gaynor Brookfield at 424 526-7728
Your representative is LA County Supervisor is Holly J. Mitchell who can be reached at 213 974-2222
Please circulate this email and invite your friends to the meeting. This is your chance to ask questions and give your opinion on the sale. See attachment of Essex Marina City Club L.P. buyer Steven Ludwig’s business plan for the property.
Information on Special Meeting Essex Marina City Club L.P. Sale held in April 2026-
California Secretary of State says the entity Admiralty Owner LLC business is to acquire, develop, entitle/re-entitle, own, manage, operate, rent, and ultimately sell the property. According to the links from Beaches and Harbors LA County and LA County Supervisors Admiralty Owner LLC is the buyer of Essex Marina City Club L.P.. Does the strategic business plan mean Essex Marina City Club LP will be re-entitled, demolished, redeveloped? If this is the case, when were residents of Essex Marina City Club L.P. and buyers of the co-op units going to be notified of LA County Supervisors Strategic Plan for Parcel 125i ? Will Marina City Club L.P. owners and tenants be bought out by LA County to implement the Admiralty Owners LLC strategic plan?
BREAKING NEWS
Del Rey Yacht Club (DRYC) in Marina del Rey Temporarily Closed!
Dear DRYC Members,
Last night the Club had a water main leak and we had to shut off all water. The Clubhouse is closed until further notice. Please note there is no water to the docks at this time. We will keep you advised as we have new information.This is an internal notice shared with members. No public statements or major media coverage yet — it appears to be a recent facilities issue affecting the clubhouse and dock water supply.
dryc.orgIf you’re a member or planning to visit, check directly with the club for updates. I’ll keep an eye out for any further developments. Stay safe on the water!
BREAKING NEWS : NEW WITNESSES AND NEWLY DISCOVERED EVIDENCE OF CORRUPTION PRESENTED UNDER SEAL TO THE ATTORNEY GENERAL OF CALIFORNIA!
MARINA DEL REY AXJ MEMBERS TO VISIT WITH L.A. SUPERVISOR HOLLY J. MITCHELL TO DISCUSS ISSUES FOUND. JOIN OUR MAILING LIST.
Supervisor Holly J. Mitchell is responsible for Marina del Rey as the representative for the Second District of the Los Angeles County Board of Supervisors. She serves the Second Supervisorial District, which includes Marina del Rey, and is involved in community-driven initiatives, like the “Marina del Rey for All” project, aiming to make the area more inclusive and accessible.
Among the issues to be discused are the following:
MCC SUBLESEES AND PROMENADE RESIDENTS FOUND OUT FROM RELIABLE SOURCES, AND PRESENT LAWSUITS FILED IN THE SANTA MONICA COURT, THAT MARINA CITY CLUB IN MARINA DEL REY MAY NOT ACTUALLY HAVE A CERTIFICATE OF OCCUPANCY?
1.-ESSEX & L.A. COUNTY HAVE BEEN UNLAWFULLY CHARGING AND COLLECTING RENT SINCE/BEFORE 1970?
2.- DEPARTMENT OF PUBLIC WORKS KNOWS OF THIS AND HAS FAILED TO ACT?
3.- ALSO, LOS ANGELES COUNTY HAS KNOWN AQMD, OSHA, HEALTH DEPARTMENT, AND OTHER GOVERNMENTAL DEPARTMENTS HAVE NOT SUPERVISED THE MOLD, ASBESTOS, GAS LEAKING, TOXIC FUMES, ETC., PRESENT IN THE MARINA CITY CLUB TOWERS AND PROMENADE.
4.- A.D.A. AMERICANS WITH DISABILITIES ACT ( A.D.A. ) IS BEING VIOLATED.
5.- INSPECTION RESULTS HAVE BEEN PUT ON HOLD FOR THE LAST 12 YEARS. NEVERTHELESS, ESSEX/LA CO THROUGHOUT THIS TIME HAVE BEEN RECEIVING HOA FEES, LEASE LAND, PROPERTY TAXES, AMENDED A FEDERAL CONTRACT TO OBLIGATE TO PAY 1970S REPAIRS, AND ENCUMBER RESIDENTS FOR $35 MILLION, AND POSSIBLY $80-100 MILLION FOR E.Q.? AND THE KICKER IS, THAT THEY DO NOT EVEN OWN THE BUILDINGS?
BREAKING NEWS : NEW WITNESSES AND NEWLY DISCOVERED EVIDENCE OF CORRUPTION PRESENTED UNDER SEAL TO THE ATTORNEY GENERAL OF CALIFORNIA!