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| Bay Club Apartment & Marina |
MARINA DEL REY, CA– Institutional Property Advisors (IPA), a
Marcus & Millichap company serving the needs of institutional and major
private multifamily investors, has brokered the sale of the Bay Club
Apartments and Marina to Archstone for $43,950,000.
Situated in the heart of Marina Del Rey, the Bay Club is a
167,000-square foot coastal multifamily complex comprising 205 units, 207 boat
slips, and 11 end ties. The property sits on a leasehold from the County of Los
Angeles.
With its combination of apartment units on the water and
lucrative boat slips, the Bay Club is a truly unique asset, located in Los
Angeles’ most coveted coastal community of Marina Del Rey.
“We’re sad to let it go,” says David J. Nagel,
president and CEO of Decron Properties Corp. “The Bay Club has been a crown
jewel in our multifamily residential portfolio for many years. But at the same
time, selling it now made a lot of sense for our investors,” adds Nagel.
Decron bought the Bay Club in 2005 at a discounted cap rate
due to the limited term left on the leasehold. The purchase and eventual sale
of the Bay Club followed a tried-and-true business strategy for Decron, where
it has increased value through its successful entitlement efforts.
For a complete copy of the company’s news release, please
contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
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