Legacy Partners JV Acquires Site in Marina del Rey
Extensive Renovation of 397 Units, Grounds and Docks at Mariners Bay to Begin This Summer
MARINA DEL REY, CA--(Marketwired - May 20, 2015) - Legacy Partners leads the joint venture that recently acquired Mariners Bay Apartments, one of the largest apartment and anchorage properties in Marina del Rey.
The company also announced approvals for a three-year renovation to begin this summer of all the apartment homes, existing docks, waterfront promenade, common-area amenities and site landscaping, as well as a name change and rebranding.
"This is a prime acquisition that we plan to turn into a signature property in keeping with the exceptional surroundings of Marina del Rey," said Tim O'Brien, Senior Managing Director for Legacy Partners, "The modernization will create one of the most desirable rental properties in the area."
Built in 1975, Mariners Bay is a 379-unit apartment community with 409 boat slips situated on 19 acres of land and water. The makeover will include new, energy-efficient heating and air conditioning, plumbing and electrical fixtures, as well as upgraded technology for telephone, Internet and cable. Each unit will be designed to include a washer and dryer and all new interior finishes -- from stainless steel appliances, cabinetry, stone counter tops, flooring and lighting and new exterior balcony and/or patio enclosures.
With this project, Legacy Partners adds to its Westside portfolio that already includes Neptune Marina, also located in Marina del Rey.
The recent transaction is one of several proposed projects currently in process for Legacy Partners. The company has a significant pipeline of development and renovation projects in the Southern California and Arizona marketplaces.
About Legacy Partners
Foster City-based Legacy Partners has developed or acquired more than 70,000 multifamily units, both for rent and for sale, over the last 47 years. With regional offices in Irvine, as well as in Dallas, Denver and Seattle, Legacy Partners currently owns and/or manages more than 15,000 apartment homes for its own account and for its institutional clients on a fee basis.
For more information, visit www.legacypartners.com or contact Kim Baker at kbaker@legacypartners.com.
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