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3/03/20
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Xenon Investment Corp paid $23.3 mil for two multifamily properties in Los Angeles totaling 104 units ($224k/unit). The acquisition included Lindley Manor, with 50 units, and Casa Serrano, a 54-unit asset. The sale represents the first time these properties have sold since they were originally developed in the 1970s.
Lindley Manor is located at 5405 Lindley Ave in the San Fernando Valley and features mostly unrenovated one-bedroom units. Community amenities include an outdoor seating area, residential lounge and a fitness center. Residents are afforded convenient access to the shops and restaurants along Ventura Blvd.
Casa Serrano is located at 245 S Serrano Ave and similarly features primarily unrenovated one-bedroom units. Community amenities include a swimming pool, grilling stations and a sauna. Residents are afforded convenient access to the Metro Red Line station, Koreatown and the Downtown Los Angeles area.
Vince Norris, Brent Sprenkle and Eric Norris with Berkadia represented the seller, Los Angeles-based Goldrich Kest. The deal closed on January 31, 2020.
“Both properties saw a high level of interest and received multiple offers, but ultimately, a single buyer purchased both assets as a portfolio,” said Vince Norris. “The properties offered an excellent value-add opportunity as the seller had recently completed community upgrades, but only minor upgrades to the interiors. The buyer is planning extensive renovations to the unit interiors.”
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