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1970s apartments with owner penthouse sold in Burbank

January 13, 2013|By Roger Vincent
  • The owner's penthouse, pool and deck at 1970s Burbank apartment complex.
The owner's penthouse, pool and deck at 1970s Burbank apartment complex. (Lee & Associates )

A 1970s Burbank apartment building with an expansive penthouse intended to be occupied by the owner has been purchased by Champion Real Estate Co. for $15.6 million.

The 62-unit complex at 600 E. Olive St. is mostly made up of two-bedroom, two-bath apartments but it also has an 8,000-square-foot penthouse with a rooftop deck and private swimming pool, according to real estate broker Tyler Stevens of Lee & Associates.

“It reflects an era gone by when builders constructed apartment buildings with an owner unit, and this particular owner unit was highly unusual,” Stevens said.

The complex was built by August Bacchetta in 1973 and continued to be owned by his family until the sale. Champion plans an extensive renovation of the apartments, Stevens said.

Los Angeles-based Champion said it intends to acquire as much as $500 million worth of real estate in the next five years.

ALSO:

Hudson Pacific buys 60% share of Pinnacle office complex in Burbank

Irvine investor acquires Long Beach apartments for $46 million

Inland Empire Health Plan moving to Rancho Cucamonga

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