DENVER, CO - Archstone – a leader in apartment investment and operations – announced today the acquisition of Villa Venetia, a 224-unit apartment community in Marina del Rey. The community is located on the southeast shore of the famous marina at the end of the Fiji Way loop and along the Ballona Creek Bike Path. Over the next year, the well-located community will undergo a comprehensive $25 million renovation and be renamed Archstone Breakwater at Marina del Rey. It was acquired for a purchase price of $44.8 million.
"We are very excited about the acquisition of yet another apartment community in one of the nation’s most attractive cities," said R. Scot Sellers, Archstone’s chief executive officer. "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."
Nearly every apartment home at the community will offer stunning views of the marina, the wetlands or the Playa del Rey hillside. Residents at Archstone Breakwater at Marina del Rey will also have easy access to Marina del Rey’s vast array of outdoor recreation activities. To the south is the Ballona Creek Bike Path that runs alongside the marina inlet all the way to the Pacific Ocean. Just blocks to the north is Catalina Marina Del Rey Flyer, which offers passenger service to Catalina, and Marina Boat Rentals, which rents a variety of recreational boating equipment.
In addition, Archstone Breakwater at Marina del Rey will be just a few blocks from a wide selection of world-class shopping and dining opportunities. The Waterside Marina del Rey shopping center at Admiralty and Fiji features LOFT, Brighton Accessories and BCBG Max Azria for shoppers alongside the likes of SUGARFISH by sushi nozawa, California Pizza Kitchen, Starbucks and Chipotle Mexican Grill.
Inside the renovated Marina del Rey apartments, residents will enjoy exceptional amenities, including two resort-style pools, a 24-hour fitness center and more. Most of the 1-, 2- and 3-bedroom apartment homes will showcase European-style kitchen cabinets, slab granite or Caesar stone countertops and stainless steel appliances.
“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,” said Dave Brackett, Archstone’s executive vice president of operations for the West Region. “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.”
Archstone is a recognized leader in apartment investment and operations. The company's portfolio is concentrated in many of the most desirable neighborhoods in and around Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. Archstone strives to provide great apartment rentals and great service to its customers—backed by service guarantees. As of March 31, 2011, the company owned or had an ownership position in 428 communities located in the United States and Europe, representing 76,891 units, including units under construction. Utilizing this tremendous amount of expertise and institutional knowledge, Archstone now also offers comprehensive advisory services to owners and lenders who want to maximize the value of their assets through Archstone Real Estate Advisory Services.