The deal was brokered by Baron Jones, Mary Ann Osborn and Hooman Ghaffari of the Grubb & Ellis West Los Angeles Multi Housing Team, who represented both the buyer and the seller.

Located at 20707 Anza Ave., the complex was about 92% occupied at the time of sale.

The property was completely renovated and repositioned to institutional ranking during the past three years, Jones says. The buyer acquired the property at slightly above a 7.4% cap rate based on actual income and expenses. The seller had owned the property for about two and a half years.

Osborn tells GlobeSt.com that the building was in disrepair when the seller acquired it several years ago. "The seller invested about $3 million in upgrading and renovating it," she says. The seller, the Bascom Group, has been one of the most active buyers and sellers of Southern California apartment properties in recent years, typically acquiring buildings that require renovations in order to turn them around in value-added deals.

Osborn says the new buyer plans further upgrades to the property in an effort to add further value by raising rents.

The 13-building complex was built in 1963 and is of wood-frame and stucco construction. It includes four one-bedroom units, 18 three-bedroom units, and the rest two-bedroom apartments. It features large units, averaging 1,050 sf, with rents that average about $1,450.