Lion RE Group Sheds 100-Unit Park Terrace Apartments
The investor sells the Reseda Apartment complex for a significant gain after purchasing it in 2015.
Lion Real Estate Group sells the Park Terrace Apartments in Reseda, California, a suburb of Los Angeles, for $23.95 million. Lion purchased the property in March 2015 for $15.5 million. During its ownership, it renovated 62% of the property and increased the NOI by 35%.
Park Terrace Apartments is a 100-unit complex located at 6425 Reseda Boulevard. It features swimming pool, fitness center, sauna, clubhouse, picnic/BBQ area, courtyard, bike racks and covered parking.
Marcus and Millichap’s Jeff Louks and Michael Sterman brokered the transaction.