LOS ANGELES — March 2, 2020 — Berkadia announced today the $23.3 million in combined sales of Lindley Manor, a 50-unit multifamily property, and Casa Serrano, a 54-unit multifamily property. Both properties are located in Los Angeles. This sale represents the first time these properties have sold since they were originally developed in the 1970s. Managing Director Vince Norris, Senior Managing Director Brent Sprenkle and Associate Director Eric Norris of Berkadia’s Los Angeles office completed the sale on behalf of the seller, Los Angeles-based Goldrich Kest. The buyer was Xenon Investment Corp., also based in Los Angeles, and the deal closed on January 31, 2020.
“Both properties saw a high level of interest and received multiple offers, but ultimately, a single buyer purchased both assets as a portfolio,” said Vince Norris. “The properties offered an excellent value-add opportunity as the seller had recently completed community upgrades, but only minor upgrades to the interiors. The buyer is planning extensive renovations to the unit interiors.”
Lindley Manor is located at 5405 Lindley Ave. and features mostly unrenovated one-bedroom units. Community amenities include an outdoor seating area, residential lounge and a fitness center. Residents are afforded convenient access to the shops and restaurants along Ventura Boulevard.
Casa Serrano is located at 245 S Serrano Ave. and similarly features primarily unrenovated one-bedroom units. Community amenities include a swimming pool, grilling stations and a sauna. Residents are afforded convenient access to the Metro Red Line station, Koreatown and the Downtown Los Angeles-area.