Apartment complex sells in Burbank for $15.5 million

Los Angeles-based Champion Real Estate Company recently purchased a 62-unit apartment building in Burbank that features a penthouse with a private pool for more than $15.5 million, according to a commercial real estate services firm.

The building, called Villa 600, is located at 600 E. Olive Ave. and includes another common area pool.

The apartments were built by August Bacchetta in 1973 and were owned by his family until their recent sale, said Craig Stevens, a principal with Lee & Associates – L.A. North/Ventura Inc., who handled the sale along with Tyler Stevens, an associate.

“[The building] reflects an era gone by when builders constructed apartment buildings with an owner unit,” Craig Stevens said.

That owner unit is now the building’s penthouse, which is approximately 8,000 square feet with a rooftop deck and panoramic views of the Verdugo Mountains. It was occupied by family members until two years ago.

Most of the apartments are two-bedroom, two-bathroom units that average more than 1,000 square feet.

“The property is not under rent control and it was fully occupied at the time of the sale,” said Tyler Stevens. “Those features generated a great deal of activity, mostly from the private investment community.”

Villa 600 was on the market for about three months and attracted 10 offers before it sold, according to the firm.

-- Mark Kellam, Times Community News

Follow Mark Kellam on Twitter: @LAMarkKellam