Legacy JV has Big Plans with Marina del Rey Acquisition

A joint venture led by Legacy Partners buys in Marina del Rey; Relative Properties acquires a 248-unit community from TGM Associates; and details emerge in Armada Hoffler Properties' sale of a newly built asset in Durham, N.C.

OLYMPUS DIGITAL CAMERAMarina del Rey, Calif.—A joint venture led by Legacy Partners has acquired Mariners Bay Apartments. At 379-units, the asset is one of the largest apartment and docking properties in Marina del Rey. But the 1975-built asset needs some work. The new owners will kick-off a three-year renovation plan this summer that will upgrade all units, existing docks, the waterfront promenade, common-area amenities and landscaping. A name change and rebranding will follow.

The community features 409 boat slips. The unit modernization initiative will bring in stainless appliances, stone countertops, new flooring, lighting and balcony/patio enclosures. Legacy’s portfolio also includes the nearby Neptune Marina.

Relative Properties grabs Yardley apartments

1759Yardley, Pa.—Relative Properties has picked up a 248-unit apartment community from TGM Associates. The asset, known as TGM Polo Run, is located in Yardley, Pa., just across the Delaware River from Trenton, N.J.

Cushman & Wakefield’s Karen Iman brokered the transaction. Terms of the deal were not disclosed, though the property last traded for $46 million in 2007 when TGM Associates acquired the community from Cornerstone Real Estate Advisors, according to Yardi Matrix data.

Details emerge in Durham joint venture acquisition

Whetstone-Apartments-in-DurhamDurham, N.C.—Back in late March we reported that Armada Hoffler Properties had found a buyer who was going to shell out $36.5 million for its Whetstone Apartments community in Durham, N.C. Yesterday Bluerock Residential Growth REIT announced it has acquired the newly built, 204-unit Class AA asset through a joint venture, putting up $12.2 million of convertible preferred equity. Under BRG’s invest-to-own structure, the firm will be entitled to a current-pay preferred ROI of 15 percent per year. Once the project is stabilized, it will have the right to convert its investment into a majority equity position.

The sales price equates to $175,000 per unit, which represents a nominal stabilized cap rate of roughly 6 percent. BRG’s operating partner on the Whetstone investment is Atlanta-based TriBridge Residential. Amenities at the property include a resort style pool, a garden courtyard with grill and fireplace, state of the art fitness center and covered/controlled-access parking, as well as business and media centers.