MARINA DEL REY, CA-ING Clarion of New York has acquired the 102-unit class A Belle Fontaine apartment complex from New York City-based BlackRock for $38.2 million on behalf of a core commingled fund advised by ING. The property, at 4077 Glencoe Ave., was sold in a transaction brokered by Scott Davis and Tom Moran Jr. of Moran & Co.
The Belle Fontaine was built in 2003 and was 95% leased at the time of the sale. It consists of two adjoining four-story buildings that are connected by parking structures that allow tenants to park on the same level as their unit.
The unit mix includes 59 one-bedroom, one-bath apartments; 35 two-bedroom, two-bath units and eight three-bedroom, two-bath units. The apartment range from 603 sf to 1,447 sf and are designed in a combination of traditional layouts with nine-foot ceilings and penthouse loft layouts with 18-ft ceilings.
Richard Pink, managing director at ING Clarion, says the firm found the investment appealing for a number of reasons, among them the historically strong rental growth in Marina del Rey as well as its proximity to major office building markets. Pink also cites "the overall strength of the under-supplied apartment market of Los Angeles."
The Belle Fontaine property was offered for sale as an apartment investment only, according to Moran & Co., because the complex is encumbered by a deed restriction prohibiting conversion to condominiums until April 2012. Over the past several years, condominium projects have taken off in the area, which has earned what Moran & Co. calls "the unofficial name of the Marina Loft District."
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