Archstone has purchased the 224-unit Villa Venetia apartment complex on Fiji Way in Marina del Rey for $44.8 million.
The company is planning a $25 million renovation over the next year for the development, which will be renamed Archstone Breakwater at Marina del Rey, officials announced.
“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.”
Company officials tout that nearly every apartment home at the community, which is located at the end of the Fiji Way loop and along the Ballona Creek Bicycle Path, will offer stunning views of the Marina, the wetlands or the Playa del Rey hillside.
They also point to the development’s easy access to the area’s vast array of outdoor recreation activities, including the Ballona Creek bike path, as well as close proximity to a wide selection of world-class shopping and dining opportunities.
The Archstone Breakwater will offer residents a variety of 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, officials note.
“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.”