Colorado apartment landlord Archstone broadened its Southern California empire this month by spending more than $100 million on seaside properties in Venice and Marina del Rey.
Archstone, which operates upscale apartments in coastal markets, bought the Frank, a 70-unit complex on Rose Avenue in Venice, for $56.2 million. It also purchased the Bay Club, which has 205 units -- and 207 boat slips -- on Tahiti Way, for $43.95 million.
The Frank, which was renamed Archstone Venice on Rose, is a new complex completed this year by the seller, Portland, Ore., developer Gerding Edlen Development Inc.
Los Angeles landlord Decron Properties Corp. sold the Bay Club, which has been renamed Archstone Marina del Rey. The Bay Club was built in the 1960s. Decron bought the property in 2005 and spent $20 million on renovations, said real estate broker Greg Harris of Marcus & Millichap/Institutional Property Advisors.