(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
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