Comprehensive renovation of Marina del Rey apartments scheduled to begin later this year
MARINA DEL REY, Calif.--(BUSINESS WIRE)-- Archstone, a leader in apartment investment and operations, today announced the acquisition by an Archstone sponsored partnership of Bay Club, a 205-unit apartment community in Marina del Rey.
The community is located on the west shore of the marina on Tahiti Way just blocks from the beach and is home to an on-site marina with more than 200 boat slips. Over the next year, the well-located community will undergo a comprehensive renovation and be renamed Archstone Marina Bay. It was acquired for a purchase price of $43.95 million.
"We are excited about our continued growth in Marina del Rey, a highly desirable location in one of our largest core markets – Southern California," said Charles E. Mueller Jr., Archstone’s president and chief operating officer. "Archstone Marina Bay is an excellent addition to our portfolio and increases our presence in Marina del Rey to four apartment communities, representing 1,649 units."
Most recently, Archstone acquired Villa Venetia, which was renamed Archstone Breakwater at Marina del Rey, in August 2011 and is currently in the process of a comprehensive renovation of the community. Archstone Marina Bay will undergo a similar renovation in which the entire community will be modernized with refaced exterior facades, redesigned floor plans and high-end apartment features. In addition, the boat slips in the marina will be replaced with longer, upgraded boat slips.
The renovation will bring the community’s ambiance in line with its incredible location, which features expansive views of the marina and easy access to a number of popular shopping, dining and entertainment options. Among the dining options nearby are the jer-ne restaurant + bar at the Ritz Carlton, Chart House, The Cheese Cake Factory and Killer Shrimp. On the way to the beach, residents can enjoy a large selection of rooftop and outdoor patio destinations, such as Cabo Cantina, Gabby’s, The Cows End and C&O Trattoria.
Archstone Marina Bay is just a short drive from The Waterside Marina del Rey shopping center at Admiralty Way and Fiji, which is home to LOFT, Brighton Accessories and BCBG Max Azria for shoppers alongside the likes of SUGARFISH by sushi nozawa, California Pizza Kitchen, Starbucks and Chipotle Mexican Grill. The community is also close to major transportation arterials, including the 405 and 90 freeways, that offer easy access to the key employment centers of West Los Angeles, Santa Monica, Brentwood, Beverly Hills and Century City.
In addition, residents of Archstone Marina Bay have easy access to Marina del Rey’s vast array of outdoor recreation activities. Venice Beach, the Venice Fishing Pier, the Ballona Wetlands, the Ballona Creek Bike Path and more are within blocks of the Marina del Rey apartments.
Archstone is one of the largest owners of high-quality apartment communities in the United States and is focused primarily on the acquisition, development, redevelopment, operation and management of apartment communities in select supply-constrained, coastal markets. The company's portfolio is concentrated in many of the most desirable neighborhoods within the metropolitan areas of Washington, D.C., Southern California, the San Francisco Bay Area, New York City, Boston, Seattle and Southeast Florida. Archstone strives to provide great apartment rentals and great service to its customers—backed by service guarantees. As of June 30, 2012, the company owned or had an ownership interest in 182 communities in the United States with 59,355 units that were operating or under construction. In addition to its U.S. portfolio, the company also has a European operating platform through which it owns and manages apartment properties in Germany.
Peter Jakel, 720-873-6392