(To read more on the multifamily market, click here.)

MARINA DEL REY, CA-Decron Properties of Los Angeles has acquired the 204 apartment units and 253 boat slips of the Bay Club Apartments with $38 million in financing arranged by Meridian Capital. Decron, which owns and operates a portfolio of approximately 3,000 apartment units in Southern California, acquired the property from an institutional real estate investment fund.

The $38 million includes a floating rate loan of $25 million up front and $13 million over three years, according to Aaron Birnbaum and Seth Grossman of Meridian’s New York headquarters, who negotiated the financing. Borrower Decron Properties is headed by David and Jack Nagel.

Decron’s Bay Club Apartments occupies an 11.5-acre parcel along Tahiti way on land that is leased from the County of Los Angeles. Built in 1971, the property consists of three levels of residential space over a single at-grade parking level. Amenities include a lounge, clubhouse, and fitness center with full service spa.

The Bay Club apartments, at 14015 W. Tahiti Way, include one-bedroom and two-bedroom units with one or two baths, with rents ranging from approximately $1,650 to $2,350. The property is one of relatively few multifamily deals to close in recent years in Marina Del Rey, where land, properties on the market and development sites are limited even by Southern California standards.

Earlier this year, apartment REIT Archstone-Smith of Denver paid $151.3-million for 508 units in two apartment complexes, the Chateau Marina and Fiji Villas, one of the few other multifamily trades there this year. In another Marina Del Rey deal this year, Century City-based Colony Capital Corp. agreed to acquire the 450-unit Water Terrace apartment tower from Equity Residential for $305 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.