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TOLUCA LAKE, CA-Newport Beach-based CT Realty Crop. has sold the 145-unit Chateau Toluca apartment complex to Interstate Equities Corp. of Los Altos for more than $32.6 million. The property is at 211 N. Valley St. and was 94% occupied at the time of the sale, which was brokered by Melinda Russell and Dean Zander of Hendricks & Partners’ Encino office.Chateau Toluca is adjacent to the 134 (Ventura) Freeway, approximately a half mile from NBC Studios, Walt Disney Studios, Warner Bros. Records and other leading media companies in Burbank’s Media District. The property’s proximity to the studios was one of its selling points because of the demand for housing by studio employees. The complex consists of three-story and four-story buildings that feature a variety of studio, one-bedroom and two-bedroom units, including townhouse plans. CT Realty Corp. acquired Chateau Toluca in 2002 and subsequently invested $1.6 million in a major renovation program, which included plumbing upgrades and roof repairs throughout the property, as well as improvements to hallways, elevators, kitchens and appliances. In addition, new washer/dryer units were installed in some units and patios were added to several ground-level apartments. The result was a complex in which all of the apartments now feature fireplaces, central heating and washer/dryer units, and most ground-level units have private patios. Additional amenities include free wireless Internet service, as well as a pool, two spas, fitness center, and two-level parking garages beneath each building. The property is also within walking distance of restaurants and shopping.Raymond A. Polverini, SVP of multifamily for CT Realty, credits the combination of location and upgrades for the strong performance of the property, the sale of which was one of more than 140 transactions totaling more than $2 billion that CT has completed.

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