2/20/2008

ORIX acquires California multi-family

by

The Lakes

Chicago, Ill.-based ORIX Real Estate Capital, Inc. has added to its California holdings with the $9.75 million acquisition of The Lakes, a 52-unit apartment complex in Lake Balboa, Calif., from Agoura Hills-based Terrace at the Lakes, LLC.

Karoline Sauls and David Casper of Hendricks & Partners' West Los Angeles office represented both ORIX and the seller in the transaction.

The Lakes apartment community is located at 16550 Vanowen St. in Lake Balboa, about 20 miles northwest of L.A., and contains 28 one-bedroom, 16 two-bedroom and eight three-bedroom units. It was built in 1988 and includes a 27-acre lake.

ORIX Real Estate, a subsidiary of Tokyo-based ORIX Corporation, recently purchased two office buildings containing 298,961 square feet in Westfield, Ind.

Address: 16550 Vanowen St., Lake Balboa, Calif.

Size: 52 units

Built: 1988

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Filed Under: Multi-Family

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