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Emerald Fund, Lennar Buy 468-Unit Complex for Conversion

RICHMOND, CA-The Emerald Fund Inc. and Lennar Communities pay $98.5 million for the Marina Bay Apartments here with plans to convert the rental property to condominiums.

By Brian K. Miller | Updated on February 13, 2005

RICHMOND, CA-The 468-unit Maria Bay apartment community is being converted to condominiums by a joint venture of the Emerald Fund Inc. and Lennar Communities, which recently acquired the property for $98.5 million. The Marina Bay apartment complex is located at 1 Marina Lakes Dr. on the San Francisco Bay in Contra Costa County. The purchase price on the 13-year-old development equates to $209,400 per unit. The Emerald Fund, Inc. is a private real estate developer whose core business is condominium/multifamily development and has its primary portfolio in the San Francisco Bay Area. Lennar Communities is a division of Lennar Corp., one of the nation’s largest homebuilders.Pedro Arroyo and Curtis Gardner of Arroyo & Coates brokered the sale of Marina Bay to the joint venture. In a prepared statement, the duo says the transaction demonstrates the ongoing demand for entry level housing in the San Francisco Bay Area.The previous owner of Marina Bay was an entity of publicly traded Archstone-Smith. Earlier this month, the Denver-based apartment REIT expanded its holdings in Marina Del Ray, CA, with the $151.3-million acquisition of Chateau Marina and Fiji Villas, two luxury apartment complexes totaling 508 units, from EMC Financial.

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