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LOS ANGELES – Private investors Bob Hart and Jay Schulman have purchased the 71-unit Villa Fontaine apartment complex in Los Angeles for $14.2 million. The community is located at 11850 Riverside Drive in the San Fernando Valley community of Valley Village.
The complex received about $3 million in structural and other upgrades in the mid-90s. However, the community has not undergone a renovation in about 20 years. Ron Harris, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office represented both the buyers and the sellers, the Lindquist and Morrow families, in this transaction.