(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.
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