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Archstone buys apartment complexes in Venice, Marina del Rey

Los Ageles Times
Vestar and financial partner UBS Global Asset Management bought the 475,000-square-foot Riverside Plaza from Westminster Funds for about $85 million. (Vestar / February 16, 2012)

Vestar and financial partner UBS Global Asset Management bought the 475,000-square-foot Riverside Plaza from Westminster Funds for about $85 million. (Vestar / February 16, 2012)


Archstone adds to its Southern California portfolio, spending more than $100 million on the two properties that combined provide 275 units.



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 in Marina del Rey for $43.95 million.

The Frank, which was renamed Archstone Venice on Rose, is a 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's Institutional Property Advisors.


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