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Archstone spends $100 million on coastal apartment complexes

October 14, 2012|By Roger Vincent
  • The former Bay Club apartment and boat slip complex has been renamed Archstone Marina del Rey.
The former Bay Club apartment and boat slip complex has been renamed Archstone… (Institutional Property…)

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.

Decron also extended the property's land lease with Los Angeles County to 30 years and secured government approval for planned upgrades to the apartments and common areas, Harris said.

Archstone now has more than two dozen apartment complexes in the Los Angeles area, including four in Marina del Rey that have a combined total of 1,649 units.

ALSO:

Celebrity magnet El Royale tower said to sell for record price

Koreatown, Santa Monica apartment projects underway

Kilroy buys Columbia Square in Hollywood, plans revival

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