MARINA DEL REY, CA-The Greg Harris Group of Institutional Property Advisors, a Marcus & Millichap company, has landed the listing for the leasehold interest in the Bay Club Apartments & Marina, which features 205 units, 207 boat slips and 11 end ties. The Harris Group says that—with a 30-year ground lease extension through 2051 already approved, and delivery of a full set of construction drawings for building and safety—the project "offers an investor an entry into one of the most coveted markets in all of Los Angeles County." The deal amounts to "a built-in reposition program," Harris says. The asset is being offered unpriced.

Built in 1968, Bay Club Apartments includes five three-story buildings that run parallel to the marina on Tahiti Way, providing half of the units with marina views. The amenities include a clubhouse, a swimming pool, a hot tub, a fitness center and a rooftop sun deck. The renovation calls for designer upgrades to all of the common areas, as well as an increase in living space from 167,000 square feet to 184,861 square feet.

The unit mix will consist of 156 one-bedroom, one-bath apartments from 792 to 890 square feet, 48 two-bedroom, two-bath units of 1,000 square feet and one 1,200-square-foot penthouse unit.The Harris Group projects more than 30% rental upside, with in-place rents of $2.10 per square foot, versus pro-Forma Rents of $2.94 per square foot.