Joint partnership acquires SoCal apartments

Waterfront property contains 224 units

The Wolff Co., a privately owned investment company with apartment communities located nationwide, through a partnership with Lyon Capital Ventures LLC, purchased Villa Venetia, a 224-unit multifamily community in Marina del Rey, Calif.  The value of the transaction was $34.3 million.  The improvements and land are on a long-term ground lease with the City of Los Angeles that expires in 2022.  Villa Venetia was built in 1968 and underwent an exterior renovation that was completed in 2000. The property's average unit size is approximately 1,110 square feet and is comprised of 146 studio/one-bedroom units, 63 two-bedroom units and 15 three-bedroom units.  Scottsdale, Ariz.-based The Wolff Co. is focused primarily on the acquisition, ownership, development and management of multifamily communities throughout the western United States. *** What's your opinion? Send your Letter to the Editor to newsroom@inman.com....

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