LA Community Changes Hands for $24M
Lion Real Estate Group purchased the 100-unit asset in 2015 for $15.5 million and sold it after renovating more than half of the property.
Park Terrace Apartments. Image courtesy of Yardi Matrix
Lion Real Estate Group has sold Park Terrace Apartments, a 100-unit community in Reseda, Calif., for $24 million. The company purchased the value-add property in 2015 from JB Partners Group for $15.5 million and renovated approximately 62 percent of the building.
Located at 6425 Reseda Blvd. in the San Fernando Valley, Park Terrace is within 2 miles of the Sepulveda Basin Recreation Area and Sports Complex. Interstate 405 is roughly 4 miles away, with downtown Los Angeles approximately 22 miles of the community. Nearby Ventura Boulevard provides a variety of shopping and dining options.
Completed in 1969, Park Terrace Apartments encompasses one- and two-bedroom units, ranging from 534 to 875 square feet, according to Yardi Matrix data. Common-area amenities include controlled access, a swimming pool, a fitness center, laundry facilities, bike racks and covered parking.
Marcus & Millichap’s Jeff Louks and Michael Sterman represented both parties of the deal. Lion Real Estate Group recently purchased a Nashville property for $20.8 million from The Sterling Group.
