Private investors buy Lancaster apartments for $21M

Seller was Strategic Realty Capital

Jul.July 26, 2017 04:00 PM
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.

Related Articles

10301-10335 West Jefferson Boulevard and Jim Jacobsen Chairman, CEO at Redcar LTD (Credit: 42 Doors and LinkedIn)

Redcar pays $74M for Culver City office complex, eyes expansion

From left, clockwise: Daydream Apartments’ Griffin and Grace on Spring, Douglas Emmett’s The Glendon at Westwood and Carlyle Group’s Sofia Los Angeles

Here are LA’s 5 biggest multifamily sales of 2019

The Beverly Hills Montage at 225 N. Canon Drive

Qatar-backed hotel firm buys Montage Beverly Hills in record deal

Relevant Group’s Richard Heyman and the project site (Credit: Google Maps)

Relevant Group plans 87-unit apartment complex in South LA

A rendering of the project

Developer files plans to build 87-unit apartment complex in Pico Union

A rendering of the project and Douglas Bystry, President and CEO of Clearinghouse

Koreatown resi complex marks firm’s entry into Opportunity Zones

A rendering of the property, Cityview CEO Sean Burton and Virtu Investments principals Michael Green and Scott McWhorter (Credit: LCP 360) 

Virtu pays $71M for Warner Center complex in Opportunity Zone

From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in