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RIVERSIDE, CA-Lend Lease Real Estate Investments Inc., the New York-based real estate financial services company, bought the 304-unit Glenbrook Apartments in Riverside from the Archon Group of Irving, Texas.

Terms of the transaction were undisclosed, but Lend Lease is believed to have paid slightly more than $22 million, or approximately $73,000 per unit for Glenbrook, the fourth apartment purchase for Lend Lease in Southern California in the past year.

Built in 1986, Glenbrook is at 3610 Banbury Drive and consists of 128 one-bedroom and 176 two-bedroom units in 21buildings. The buildings are of two-story, wood frame and stucco construction with sloped, concrete tile roofs. Units average 887 sf and rent for an average of $800, according to Archon, which had owned the property for about three years. The property, which was 95% leased at the time of the sale, includes a clubhouse, a fitness center and two swimming pools.

Archon said it spent nearly $700,000 on upgrades during the three years it owned the complex and that it was represented by Sean Deasy of CB Richard Ellis in the sale to Lend Lease.

Other Lend Lease apartment purchases in Southern California during the past year include the 209-unit Timberwood in West Covina, the 245-unit Rancho Valencia in Garden Grove, and the 208-unit Los Arbolitos in La Verne.

Andrew Friedman, a principal in the San Francisco office of Lend Lease, says the company was attracted to the Riverside property because the investment firm is buying in markets with strong fundamentals and the Riverside area is one of the nation’s leaders in job growth, with a diversified economic base.

Lend Lease is one of the largest real estate investment managers in the world with $49.1 billion of assets under management, including more than $38 billion in real estate and commercial mortgages under management for institutional and private clients in the United States.

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