(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
LEHMAN SUBSIDIARY SELLS 195-UNIT COMPLEX FOR $29.4 MILLION
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