LOS ANGELES- An affiliate of R.W. Selby & Company Inc. called 3636 Sepulveda Apartments LLC has purchased the 363-unit Westside Terrace apartments from AvalonBay Communities Inc. for $46.7 million, according to Moran & Co. Scott Davis of the Costa Mesa office of Chicago-based Moran says the deal is one of two large apartment complex sales that closed recently in Southern California, the other a 328-unit complex called Triana in Corona that sold for $41 million.

Davis, who brokered both sales, says AvalonBay had owned the Westside Terrace since 1997. The Alexandria, VA-based real estate investment trust spent approximately $23,000 per unit to renovate the structure, which was built in 1966. Besides the property itself, Davis says, the buyer was attracted to the general area surrounding the apartment complex, which is on Sepulveda Boulevard near Venice Boulevard, near the Mar Vista section of Los Angeles. The area includes desirable residential neighborhoods, trendy retail stores, recreational facilities and other amenities. Even with the price tag of nearly $47 million, Davis says, the projected revenue stream from the complex will recoup the buyer's investment.

Among the improvements completed at the complex by AvalonBay was a new, 15,000-sf clubhouse that features a media room, a conference room, a business center, a billiard room and a fitness center. Other common-area improvements were made to roofs, balconies, elevators, hallways and landscaping. The studio to two-bedroom units range in size from 386 to 966 sf. Buyer R.W. Selby & Co. Inc., established in 1975, is a real estate investment and development firm specializing in the acquisition, repositioning and management of apartments throughout Southern California.