BURBANK, CA–A 62-unit 1970s Burbank apartment building with a luxurious penthouse intended to be occupied by the owner has been purchased by Champion Real Estate Co. for $15.6 million.
The complex at 600 E. Olive St., made up primarily of two-bedroom, two-bath apartments, also has an 8,000-square-foot penthouse with a rooftop deck and private swimming pool, real estate broker Tyler Stevens of Lee & Associates told the Los Angeles Times.
“It reflects an era gone by when builders constructed apartment buildings with an owner unit, and this particular owner unit was highly unusual,” Stevens said.
The property has been owned by the same family that built it in 1973. Champion plans substantial renovations to the apartments. The Los Angeles-based firm said it intends to acquire as much as $500 million worth of real estate in the next five years.
More about this sale can be found at the LA Times website.