SAN FRANCISCO (January 26, 2016) — Legacy Partners, a privately owned national real estate firm, today announced start of a 30-month renovation project of Mariners Bay, an apartment development in Marina del Rey.
Legacy acquired the property through a joint venture with Prudential Real Estate Investors in May 2015 from original developer Universal Properties. The partnership expects to invest approximately $65 million in renovations to the 379-unit apartment complex. The first phase of renovations, which includes updates to 65 units, a new leasing office and fitness center, is expected to be complete in May.
“The acquisition and renovation of Mariners Bay is a rare opportunity to reimagine a timeless property,” said Tim O’Brien, senior managing director at Legacy Partners. “The location within Marina del Rey highlights an active West Coast waterside lifestyle. With the momentum taking place all around the Silicon Beach area, Mariners Bay leads as the transformative project in Marina del Rey right now.”
Mariners Bay, built in the mid-1970s, is situated on 19 acres of land and water in the heart of Marina del Rey. The current renovations include updates to all appliances, fixtures and balconies, as well as installation of high-efficiency windows and new central heating and air conditioning. The property features a fitness center, clubhouse, three tennis courts and pool, all of which will be completely overhauled and expanded. The 408 boat slips that accompany Mariners Bay will also be updated. This is the second project for Legacy Partners in Marina del Rey, which includes Neptune Marina.
Surrounded by water on three sides, allowing for panoramic waterfront views to 70 percent of the units, Mariners Bay also enjoys walkable proximity to shops, restaurants, Venice Beach, Santa Monica and the rest of Silicon Beach. Mariners Bay provides opportunity for residents to live in a true urban village.
The contractor on the project is Mike Rovner Construction and the architect is Area Architecture.
About Legacy Partners
Legacy Partners, a privately held real estate firm founded in 1968 and headquartered in the San Francisco Bay area, owns, develops and manages multifamily communities throughout the United States. We have regional offices in California, Colorado, Texas and Washington. Since our inception, we have developed more than 62,000 apartment homes and worked with some of the world’s largest financial institutions, life insurance companies, and real estate companies, consistently returning exceptional results.
In addition to development, Legacy Partners provides management services for our own portfolio, as well as other owners. Combined, we manage a portfolio of over 60 multifamily communities with more than 14,000 apartment homes, and with a gross value in excess of $2 billion. For further information, please visit legacypartners.com
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