The Gates at Marina is a 136-unit garden-style, workforce apartment community located at 299 Carmel Avenue in Marina, California, which is a supply-constrained market with strong demand drivers. In 2024, Clarion Partners entered a joint venture with local multifamily operator Interstate Equities Corporation (IEC) to recapitalize the property and complete an ongoing value-add interior unit program.
Marina is a relatively affordable coastal suburb of Monterey Bay, a supply-constrained area that offers an employment base spanning tourism, military, education, and healthcare. In particular, the Monterey Bay apartment submarket has a long-term track record of high occupancy, due to its ability to provide a coastal living environment to residents at a price point that is accessible to a middle-income demographic.
Strategically located within one mile from the Pacific Ocean and CA Highway 1, The Gates at Marina is well-connected to Monterey in the South and Santa Cruz in the North. The property provides tenants with access to numerous retail and lifestyle amenities throughout the Peninsula including numerous shopping options, restaurants, and Big Sur.
Originally built in 1987, IEC began a property renovation program in 2021 to upgrade both property common areas and interior units. The new business plan with joint venture between Clarion Partners and IEC is to continue renovating the remaining classic units. Improvements include replacing carpet with vinyl flooring, adding countertops, upgrading to stainless steel appliances, and refreshing the cabinets. Investments made to the property by prior ownership include the addition of two accessory dwelling units, a new leasing office, an updated laundry room, exterior paint work, and electrical upgrades. The renovation will allow the property to remain competitive with existing apartment stock within Monterey Bay while still offering residents a relatively affordable rental option.
