Lion Real Estate Group in Los Angeles has bought three apartment complexes in the San Fernando Valley for $41.6 million, according to the company.
The portfolio includes a 105-unit complex at 4355 Sepulveda Blvd. in Sherman Oaks, a 48-unit complex at 7317 Haskell Ave. in Van Nuys and a 54-unit community at 6535 Haskell Ave. also in Van Nuys. The total is 207 units.
The Abrams family, the original developers of the 40-year-old properties, were the sellers in the off-market deal, according to Lion.
Lion said it plans to renovate the exteriors, common areas and units as they become vacant with a portion of a $28.8 million loan from Mesa West Capital in Los Angeles.
“The apartment market in the San Fernando Valley is seeing strong rent growth year over year due to a lack of supply of quality B apartment buildings,” said Jeff Weller, managing principal of Lion. “We saw this to be the perfect time for a new owner to come in with a fresh set of eyes and make an aesthetic upgrade for a younger tenant base moving into these markets.”
Michael Koshet, who focuses on off-market deals for KW Commercial, arranged the transaction on behalf of both the buyer and seller.