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December 15, 2017
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SOUTHERN CALIFORNIA NEWS
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Lion Real Estate Buys Over 200 Res Units in the San Fernando Valley

10/25/17

Lion Real Estate Group purchased a 207-unit, three-property apartment portfolio in the San Fernando Valley for $41.6 mil, or $201k/unit. The transaction was sold off-market by a Los Angeles-based private investor who developed the properties over 40 years ago.

Lion Real Estate Group plans to implement a renovation program that includes upgrading the exteriors, improving the common area amenities and renovating the units as they turn. The communities acquired include:

• 4355 Sepulveda Blvd in Sherman Oaks: a 105-unit apartment community featuring 27 studios and 78 one-bedroom units with monthly rents ranging from $865 to $1,600.

• 7317 Haskell Ave in Van Nuys: a 48-unit apartment community featuring six studios, 18 one-bedroom units, 12 two-bedroom units and 12 three-bedroom units with monthly rents ranging from $590 to $1,600.

• 6535 Haskell Ave in Van Nuys: a 54-unit apartment community featuring six studios, 40 one-bedroom units and eight two-bedroom units with monthly rents ranging from $450 to $1,350.

Jeff Weller, Managing Principal of Lion Real Estate Group, noted, "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."

Michael Koshet with KW Commercial represented both parties in the transaction. The acquisition was financed with $28.76 mil in first mortgage debt provided by Los Angeles-based balance sheet lender Mesa West Capital. A portion of the proceeds from the five-year, floating rate, non-recourse loan will be used to fund a capital improvement program across the three-property portfolio. HFF’s Marc Schillinger arranged the financing.






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