Lion Real Estate Group, a Los Angeles based real estate investment and development firm, has sold the Park Terrace Apartments in Reseda for nearly $24 million.
The 100-unit multifamily property was purchased by Goldrich Kest, a real estate firm in Culver City founded by Jona Goldrich and Sol Kest. Marcus & Millichap Inc.’s Jeff Louks and Michael Sterman represented both sides of the transaction.
Lion purchased Park Terrace in May 2015 for $15.5 million. During its tenure and landlord, Lion turned over and renovated 62 percent of the building, raising the net operating income approximately 35 percent from $875,000 to $1.18 million.
Located at 6425 Reseda Blvd., Park Terrace Apartments features an amenity package that includes swimming pool, fitness center and sauna, clubhouse, picnic and barbecue area, courtyard, bike racks and covered parking.
“Located in the heart of the Tarzana and adjacent to two of our existing properties, Park Terrace is an ideal addition to our portfolio,” Goldrich Kest Chief Executive Michael Drandell said in a statement. “Our goal is to continue improving our properties to reflect the changing nature of the market.”