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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.

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