(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
MARINA DEL REY, CA-Denver-based Archstone has acquired the 224-unit Villa Venetia apartments for $44.8 million and plans to spend $25 million on renovations, along with renaming the complex Archstone Breakwater at Marina del Rey. Archstone acquired the property from Newport Beach-based Lyon Capital Ventures in a transaction that was brokered by Herb Chase, Peter Sherman and Curtis Palmer of Beverly Hills, CA-based Multi-Housing Capital Advisors.
Archstone, in an announcement regarding the acquisition, says it plans to renovate the property over the next year and provided a link to a web site that lists improvements that the company plans for the complex.
The 224-unit property occupies a site on a ground lease with the City of Los Angeles and is situated on the main water channel at 13900-13910 Fiji Way, according to a GlobeSt.com report when the complex previously sold in 2004. The property features garden-style apartments in four three-story buildings, a clubhouse, two pools, a tennis court and subterranean parking. The complex was built in two phases in 1964 and 1969, and was previously renovated in 2000. The unit mix includes 146 one-bedrooms, 63 two-bedrooms and 15 three-bedrooms, with units ranging from 435 to 1,875 square feet.
Dave Brackett, Archstone’s EVP of operations for the West Region, noted that Archstone Breakwater at Marina del Rey will be the company’s third complex in Marina del Rey and will make it the second-largest owner and operator of apartments there, with 1,400 units.
The renovated apartments will feature two resort-style pools, a 24-hour fitness center and a host of other common area amenities, according to the Archstone announcement. Most of the apartments will offer European-style kitchen cabinets, slab granite or Caesarstone countertops and stainless steel appliances.
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