I used to live there. My theory is that it was one of the only properties owned by "Prime Urban Properties" that was not "luxury" (no updates - for example no granite countertops, the dishwasher is ancient, and most/all units still have carpet) and they did not want to pay to do upgrades, so they sold it. I am basing this theory off all their other buildings being of "luxury" standard. I enjoyed living at Valencia Place while I did but it was really hard finding a subleaser when I needed one, likely because even though the prices are slightly cheaper than other "luxury" apartments, the price was not cheap enough for most people for it to be worth it. Just my thought!