Chris Thompson of Investment Real Estate Associates represented the seller, while the buyers represented themselves. "There is a lot of upside in the property in the potential for higher rents," Thompson tells GlobeSt.com. Rents for existing tenants range from $600 to $1,150, but asking rents for new tenants moving into the complex start at $1,050.

Chris Hughes, a Praedium Group principal, says the deal marks the first joint venture with Rockland Properties, a firm founded by Steven G. Fishman and Steven Ludwig and a real estate investor in Southern California assets.

Hughes says Praedium liked the deal for the property's high occupancy rate, freeway access and location within a densely-populated area of LA. He says Praedium and Rockland will continue renovations already under way at the property.

Built in 1964, the three-story property comprises 167 one-bedroom units and two studio units, averaging 600 sf, in four buildings of wood frame and stucco construction. The property was 97% occupied at the time of the sale.

Summer View has a higher parking ratio than average, with 205 access-controlled spaces. Additional amenities include a fitness center, clubhouse, tennis and basketball courts, two swimming pools, sauna, fountains and barbeque areas.

The Praedium Group focuses on investments in under-performing and undervalued assets throughout North America. It has more than $2 billion in total investments to date. Praedium was formed in 1991 with a leading international investment bank as its sole investor.