By Evelyn Jozsa
Lion Real Estate Group has purchased a 207-unit, three-property apartment portfolio in San Fernando Valley, Calif., for $41.6 million. The acquisition was sourced off-market from a Los-Angeles based private investor who was the developer 40 years ago. Ambrus Co. was the seller and Mesa West Capital financed the purchase with $28.76 million in first mortgage debt. Michael Koshet of LA Commercial Agency represented the buyer and the seller in the deal.
The portfolio includes a community in Sherman Oaks and two in Van Nuys, Calif.
All the Details
Located at 4355 Sepulveda Blvd. the 105-unit property in Sherman Oaks features 27 studios and 78 one-bedroom units, averaging 707 square feet. Community amenities include, controlled access, swimming pool, six laundry facilities, 105 subterranean covered parking spaces.
The second community, 7317 Haskell Avenue, in Van Nuys, is a 48-unit asset and comprises 18 one-, 12 two- and 12 three-bedroom units. Located at 6535 Haskell Ave., the third community adds 54 units to the portfolio, including six studios, 40 one- and eight two-bedroom units, averaging 678 square feet. The property features 65 grade level covered parking spaces.
“Lion Real Estate continues to grow by acquiring apartment communities where we can use our expertise to add value,” said Jeff Weller, managing principal of Lion Real Estate Group, in prepared remarks. “This portfolio provided us an opportunity to acquire three communities that have been well maintained and allows us to continue to grow our San Fernando Valley presence.” The region has experienced a significant rent growth since 2013. Within five years the 2.5 percent rent growth increased to 8.9 percent.
Images courtesy of Yardi Matrix, Ebeling Communications and Google Street view