Tuscany Villas deal closes in California

Some units in excess of 1,300 square feet

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Marcus & Millichap arranged the sale of the 250-unit Tuscany Villas in Covina, Calif. The value of the transaction was approximately $37.3 million. Built in 1972, Tuscany Villas is located at 1159 N. Conwell Ave. The property is situated on 7.5 acres and consists of 97 one-bedroom/one-bath units, 126 two-bedroom/two-bath units and 27 three-bedroom/two-bath units. Units range in size from 714 square feet to 1,317 square feet, and the property has a total of 237,873 rentable square feet. Neither identity of the buyer or seller was disclosed. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....