Built in 1972, Tuscany Villas is located at 1159 N. Conwell Ave. The complex is situated on nearly 7.5 acres and consists of 97 one-bedroom, one-bath units; 126 two-bedroom, two-bath units; and 27 three-bedroom, two-bath units. Units range in size from 714 sf to 1,317 sf.
The Tuscany Villas sale was one of two apartment deals closed recently in the Los Angeles area by Marcus & Millichap. In the other, Ronald Harris of the company's Los Angeles office reports that a Los Angeles-based private investor bought the Embassy Luxury Apartments in Los Angeles for $14.1 million.
Harris represented the seller, Interstate Equities Corp., and also secured and represented the buyer. Constructed in 1991, the Embassy property is located at 1223 Federal Ave. The 59-unit apartment community comprises 38 one-bedroom, one-bath units and 21 two-bedroom, two-bath units in a four-story building over two levels of subterranean parking.
The apartments range in size from 514 sf to 1,048 sf. Situated on 45 acres, the property has recently undergone significant upgrading, including interior tile flooring and tile countertops, Berber carpet and other upgrades. Common area amenities include a pool, two elevators, four laundry rooms and secured access.
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