A 64-unit luxury apartment complex near Woodward Park closed escrow recently, selling for $19 million.

Real estate company Northmarq brokered the deal on The Tempranillo Apartments on Copper Avenue near Maple Avenue. The apartments were built in 2019, just a year before COVID-19 tenant protections came into place.

“Tempranillo presented several challenges ranging from COVID eviction protection hangover effects to below market occupancy,” said Northmarq managing director Robin Kane. “Through both professional management and a proactive marketing plan, Tempranillo closed with zero vacancies and no delinquent rents.”

Apartments Received ‘New Development of the Year’ Award

The upscale Spanish colonial apartments received the California Apartment Association’s New Development of the Year award the year it opened. Paul Halajian Architects designed the apartments.

Units come with quartz countertops, stainless steel appliances and in-unit washers and dryers, according to Northmarq.

It also has a pool, resident lounge, and 24-hour fitness center. With units ranging from one- to three-bedroom, rents begin at $1,957 a month, according to Apartments.com.

Kane represented the seller along with Brendan Kane. The buyer was a California family office, according to the news release. The previous owner was an East Coast investment firm.