HISTORY OF VILLA RIVIERA

THE VILLA RIVIERA

Continued

	An owner may alter the interior of his apartment as long as he does not disturb the structural parts of the building or interfere with his neighbor's apartment.
	An owner may mortgage or sell his apartment at any time, or may lease to tenants approved by the Board of Governors.
	Repairs and general maintenance charges will be paid by the management. These expenses will then in turn be levied against the individual apartments in proportion to their interest in the project; i.e., the purchase price of each apartment in its relation to the total capitalization."

There have been cooperative in Long Beach since 1922 when one of the first buildings was completed at Cherry and 1st Street and sold to individual investors. The first major project in Long Beach was the Artaban built by Lionel V. Mayell followed by the Sovereign in 1923.

In 1952 the Villa was converted to the cooperative concept as an OWN YOUR OWN APARTMENT (the predecessor to a condominium) The prices started at $12,000 and ranged upward to $50,000. those same units today, in the re-sale market range in price from $75,000 -$500,000.

The building went through a major renovation in 1989, it is now a Condominium Complex, the building was brought up to current Earthquake Standards, Waterproofed, recently the Cooper Roof had a major retrofit and the building has new cooper plumbing throughout.

Over the past 12 years we have had the opportunity to assist both Buyers and Sellers with units at the Villa. If you have a interest in purchasing a unit at the Villa Riviera, please contact the "Beach & Waterfront Specialists" Paul & Mike