A Colorado-based apartment investment company has announced the purchase of the 224-unit Villa Venetia apartment complex in Marina del Rey.
The complex has been renamed the Archstone Breakwater at Marina del Rey and will be the third Archstone complex in Marina del Rey, Archstone spokesman Peter Jakel said Tuesday.
Archstone, which has apartment complexes in more than 420 communities nationwide, bought the Villa Venetia for $44.8 million from Newport Beach-based Lyon Communities. The complex is located at the end of the Fiji Way loop near the Ballona Creek bike path and will undergo a $25 million renovation.
"We are very excited about the acquisition of yet another apartment community in one of the nation’s most attractive cities," R. Scot Sellers, Archstone’s chief executive officer, said in a statement. "Archstone Breakwater at Marina del Rey will be an outstanding addition to our portfolio, and its renovation into a well-appointed apartment community will be an excellent investment for us."
Archstone also operates the Archstone Marina del Rey at 415 Via Marina and the recently acquired 599-unit Oakwood Marina del Rey. In addition, Archstone operates the Archstone Playa del Rey at 8700 Pershing Drive and also has properties in Santa Monica, Long Beach, Pasadena, Huntington Beach and other Southern California communities.
“I’m pleased to expand our presence in an incredible city and play a key role in the ongoing transformation of Marina del Rey into a popular living destination for young working professionals,” Dave Brackett, Archstone’s executive vice president of operations for the west region, said in a statement. “Archstone Breakwater at Marina del Rey will be our third community in the city, making us the second-largest owner and operator of apartments in Marina del Rey with responsibility for more than 1,400 homes.”
The renovated one-, two- and three-bedroom apartments at the Archstone Breakwater will feature European-style kitchen cabinets, slab granite or Caesarstone countertops and stainless steel appliances. Residents also will have access to two resort-style pools, a 24-hour fitness center and other amenities. Archstone executives said that nearly every apartment has views of the marina, the wetlands or the Playa del Rey hillside.