The twin properties of 71 units each, situated at 411 and 414 S. Virgil Ave., were built in 1979 and are 95% occupied, according to Paul Trevino, president of Sares-Regis Group's multifamily investment division. Invesco Realty Advisors was Sares-Regis Group's financial partner in the transaction. Laurie Lustig-Bower of CB Richard Ellis Inc.'s Century City-Beverly Hills office represented both the buyer and the seller.
Trevino says the properties, which are across the street from one another, will be managed by Sares-Regis. They will be upgraded to remain competitive with newer projects in the market, he adds.
The complexes include 102 one-bedroom units; 22 two-bedroom, two-bath units; and 18 studios. The one-bedrooms range from 620 sf to 748 sf and rent for $990 to $1,065 per month. The two-bedrooms measure 914 sf to 973 sf and bring in monthly rents ranging from $1,315 to $1,390 while the 409-sf studios rent for $860. Bascom bought the properties in March 2000.
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