X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.