Valley Village Apartments Fetch $14 MillionMonday, February 17, 2014
A 71-unit Valley Village apartment building has sold for $14.2 million.
The Villa Fontaine at 11850 Riverside Drive was acquired by private investors Bob Hart and Jay Schulman from Seymour Morrow of Rancho Mirage, according to the L.A. office of Marcus & Millichap Inc.
“This was Villa Fontaine’s first time on the market in 35 years. The property’s size, central location, amenity package and the opportunity it presents to add value make it well suited to provide healthy long-term returns,” said Ron Harris, executive vice president at Marcus & Millichap, who represented the buyer and seller.
The building is a mix of one- and two-bedroom apartments that include patios and dishwashers. Select units have walk-in closets and fireplaces. The complex is on less than an acre and has a swimming pool.
The building was constructed in 1970 and has no vacancies, according to real estate data firm CoStar Group Inc.
Paul Darrow and Michael DiSimone, both senior associates for Marcs & Millichap, also represented both parties in the sale this month.