11/30/2007

H&P orchestrates $86M sale of Los Angeles multi-family

by

Serravella Apartments

Prometheus Real Estate has acquired the Serravella Apartments in Los Angeles, Calif., for $86.25 million from Seattle, Wash.-based Security Properties.

Dean Zander of Hendricks & Partners' Los Angeles office, along with Joe Leon of the Newport Beach office, brokered the deal.

The 298-unit complex is located at 1710 North Fuller Ave. and contains 216,094 square feet. It was built in 1987 on 1.92 acres and renovated in 2005. Security Properties plans to renovate the property, which sold with a 5 percent cap rate.

Address: 1710 North Fuller Ave., Los Angeles, Calif.

Size: 298 units/216,094 square feet

Built: 1987

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Filed Under: Multi-Family

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