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The Real Deal Los Angeles

Private investors buy Lancaster apartments for $21M

Seller was Strategic Realty Capital
By Cathaleen Chen | July 26, 2017 04:00PM

The 200-unit apartment complex in Lancaster (credit: Strategic Realty Capital)

A group of private investors based in Los Angeles shelled out $21 million, or $105,000 a unit, for a 200-unit apartment complex in Lancaster, sources said.

The seller, Strategic Realty Capital, acquired the 1974-built complex at 44045 15th Street West for just shy of $13 million in 2014, property records show.

Alex Mogharebi and Otto Ozen of the Mogharebi Group represented both the buyers and the seller in the deal. The investor group, according to Ozen, is Olympic Partners LLC.

The investors plan to renovate the property, which was 96 percent occupied at the time of the sale, he told The Real Deal.

Encompassing more than 180,000 square feet, the “Racquet Club” apartments contain a pair of two-story buildings.

Strategic Realty owns and manages apartment complexes across the country. Last September, it sold its 100-unit Magnolia Apartments in Anaheim for $22.8 million, according to Real Capital Analytics.