Harris tells GlobeSt.com that the property is one of the largest apartment complexes in Southern California and is one of the largest single apartment assets in the region to go on the market of late. At the asking price of $70 million, the transaction works out to $148 per sf and $105,900 per unit, at a cap rate of 5.8%. The seller is a Southern California-based private investor.

The property is of the type that apartment experts describe as likely to draw much investor interest because of its size, its location, the relatively few such properties on the market in Southern California, and the difficulty of recreating such an asset in a mature, developed area like Lakewood.

Built from 1957 to 1963 in five separate phases, Lakewood Manor is located on Haytor Avenue between the 405, 605, 91 and 710 freeways. It consists of 64 two-story apartment buildings on approximately 13.58 acres, with a mix of one-, two- and three-bedroom units. Harris notes that more than 50% of the complex has been significantly rehabbed and that the property is not subject to rent control. The recent refurbishments included the installation of new roofs on all 64 buildings, along with new decks, windows, doors, gutters and landscaping. The unit mix includes 14 bachelor, 47 studio, 352 one-bedroom, 197 two-bedroom and 51 three-bedroom apartments, ranging in size from 275 to 1,295 square feet. Monthly rental rates range from $491 to $1,447. Occupancy runs at approximately 95%.