LEHMAN SUBSIDIARY SELLS 195-UNIT COMPLEX FOR $29.4 MILLION

     (The following press release from DB&R Marketing Communications was 
received by e-mail. The sender verified the statement.) 
195-Unit Apartment Community in West Covina, CA Trades Hands for $29.4 Million 
West Covina, CA  (January 30, 2014) – A subsidiary of Lehman Brothers Holdings 
Inc. has sold the Serrano Apartment Homes in West Covina to B.A.G. Investments 
for $29.4 million. 
Built in 1959 the Serrano Apartment Homes features nine two-story garden style 
buildings housing 195 two-bedroom, one-bath units.  The complex, which is 
situated on a nine-acre site at 1513 W. San Bernardino Road, also includes two 
pools, basketball courts, picnic area and laundry facility. 
Lehman acquired ownership of the property in September 2012 through foreclosure 
proceedings, according to Andrew Kirsh, an attorney with Sklar Kirsh, LLP who 
represented Lehman in the transaction. 
“Lenders who elected not to sell properties that they foreclosed on during the 
last recession are now benefitting from the recent spike in pricing over the 
last 12-18 months.  In some cases, they are able to sell their assets at or 
above their original loan balances,” said Kirsh.  “This turned out to be a 
successful transaction for Lehman, who has benefitted from a rapidly escalating 
multi-family market since assuming ownership of the asset.  There was a lot of 
competition for this property as the number of available quality assets of this 
size are few and far between.” 
Seller’s counsel for Beverly Hills-based B.A.G. Investments was Shahab Raphaely 
of Davies Lemmis Raphaely Law Corporation. 
Marc Renard of Cushman & Wakefield represented both the buyer and seller in the 
transaction. 
(rml) NY
 
 
Press spacebar to pause and continue. Press esc to stop.