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PALOS VERDES, CA-A private investor has acquired The Villas at Palos Verdes, a 215-unit apartment complex on an ocean-view hillside overlooking the former Marineland site and multimillion-dollar homes, according to Melinda Russell of Hendricks & Partners, who brokered the deal.

Terms of the sale were not disclosed, but industry sources say the property was on the market for a price above $50 million and believe it sold for approximately that price, or more than $232,000 per unit. The buyer acquired it from Connecticut General Life Insurance Co.

“You could not reproduce this property again because the zoning has been changed since it was built,” Russell tells GlobeSt.com. Russell, who represented both the buyer and the seller, says this is the only apartment complex overlooking the ocean in Palos Verdes, in an area where vacant lots are priced at $1 million and homes of $2 million to $10 million are commonplace. The nearby former Marineland site is slated for a hotel and resort development.

The apartment complex, which was 94% occupied at the time of the sale, was built in the 1970s and was fully renovated by the seller from 1999 to 2001. Renovations included a new roof and new interiors for all of the units, plus improvements to the common areas.

The 215 units include 28 one-bedrooms; 116 two-bedroom units with one and a half baths; 10 with two bedrooms plus one and a half baths, a den and a loft; 28 townhouse style units with two bedrooms plus one and a half baths; 13 units with two bedrooms and two baths; and 20 three-bedroom, two-bath townhouse style units. The complex features a pool, a spa, a lighted tennis court, elevators, a new gym and fitness center, and saunas. Most of the units have washers and dryers in them, and many have fireplaces.

Rents average $1,850, Russell says, and are below market. The units are large, averaging 1,114 sf. One-bedrooms measure 776 sf, while the smallest two-bedroom is 1,100 sf and the three-bedrooms are nearly 1,400 sf. The largest units, at nearly 1,500 sf, are the two-bedrooms that also include a den and a loft.

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