Archstone, a real estate development and investment company, acquired the Bay Club, a building on Tahiti Way in Marina del Rey, the company announced on Tuesday.
The developer, through one of its partnerships, bought the property for $43.95 million and plans to renovate the 205-unit complex later this year – which also includes about 200 boat slips.
Archstone owns two other buildings in Marina del Rey and one in Playa del Rey. In August 2011, it purchased Villa Venetia, which it renamed Archstone Breakwater, located at 13900 Fiji Way and is in the process of renovating. The Colorado-based developer owns properties in 182 communities nationwide.
"We are excited about our continued growth in Marina del Rey, a highly desirable location in one of our largest core markets – Southern California," said Charles E. Mueller Jr., Archstone’s president and chief operating officer. "Archstone Marina Bay is an excellent addition to our portfolio and increases our presence in Marina del Rey to four apartment communities, representing 1,649 units."
Similar to the renovations at the former Villa Venetia, Archstone will redesign floor plans, reface exterior facades and replace the existing boat slips with longer ones.