ORIX Enters Market Via 52-Unit Complex

LAKE BALBOA, CA-ORIX Real Estate Capital Inc. of Chicago has acquired the 52-unit Lakes apartment complex at 16550 Vanowen St. in this San Fernando Valley community from the Lakes LLC of Agoura Hills for nearly $9.8 million. It is the first acquisition in the market for the buyer, a $70 billion international real estate conglomerate based in Japan.

Dave Casper and Karoline Sauls of Hendricks & Partners, who brokered the transaction, report that the building does not fall under rent control and that it is situated in an up-and-coming residential neighborhood defined by strong, moderate home prices and trendy new retail shops. The location is also close to the 80-acre Anthony C. Beilenson Park, the largest recreation area of its kind within the Los Angeles City limits.

The Lakes complex was built in 1988 and features three elevator-accessed floors in seven floor plans. Its 52 units include 28 one-bedroom, one-bath units aparments, 16 two-bedroom, two-bath units and eight two-bedroom, two-bath units. The property was substantially renovated by the seller at the time of closing, with approximately 65% of its interiors remodeled and all exterior work completed.