Lion Real Estate Group, a Los Angeles based real estate investment firm, has sold the BLVD Apartments, a 48-unit multifamily property in Los Angeles, CA for $15.1 million. Lion Real Estate Group acquired the value-add community in September 2016 for $11 million. The property is located at 5911-5917 Reseda Boulevard in Tarzana, a neighborhood of the San Fernando Valley.
Completed in two phases (1963, 1996), the property features a mix of two and three bedroom apartments. The amenity package includes a swimming pool, clubhouse, and laundry room. Less than a mile away from Ventura Boulevard, The Blvd is close by to cafes, lounges and bars, and The Village at Westfield Topanga.
Under its ownership, Lion Real Estate Group painted the building, replaced the roof, and upgraded the landscaping, clubhouse, and building signage. The firm was able to turn over and renovate 54.2% of the units during the 3.4-year hold period.