Legacy Partners has expanded its presence in Southern California with the purchase of a 31-acre apartment complex on the Marina del Rey waterfront.

The Foster City company purchased leasehold interests in the Mariners Bay Apartments for $83.5 million, about $220,000 per unit, from the Mariners Bay Co.

Mariners Bay, at 14000 Palawan Way, contains 379 apartments spread across seven buildings, as well as 409 boat slips and private docks for rent. The property was about 95 percent occupied at the time of sale.

Legacy bankrolled the purchase with a $96.4 million, interest-only loan sourced by CBRE. The balance of the funds will be used to finance a full-scale renovation of landscaping, docks and apartment interiors.

The property sits on Los Angeles County-owned land and is subject to a long-term lease that runs until 2061.

Brandon Smith, vice president for debt and structured finance at CBRE, said Legacy was attracted to the property due to its location on the waterfront and the company’s familiarity doing deals in the Marina del Rey submarket.

Representatives of Legacy could not be reached for comment.

Marc Renard and Manfred Schaub of Cushman & Wakefield represented Mariners Bay in the deal. Legacy was represented internally.