Buyer Plans Upgrades For Apartments

PANORAMA CITY, CA-D&D Partners of Los Angeles acquired the 80-unit Palmcrest apartment complex for just under $4.8 million and plans to spend $2,500 per unit in upgrades, according to Dean Zander of Hendricks & Partners.

Zander represented both D&D and the seller, the Silvestre Family Trust of Calabasas, which had owned the property for about a year. Zander tells GlobeSt.com that Palmcrest is on 1.93 acres at 14751 Titus St. in a high-density area just south of Roscoe Boulevard and west of Van Nuys Boulevard.

Built in 1963, it consists of one two-story wood frame and stucco building with a pool, a gym, a recreation room and a sauna. The unit breakdown is 72 one-bedroom units and eight two-bedroom units.

The one-bedroom units average 600 sf and rent for $529-$754 per month, while the two-bedroom units range from 825 to 900 sf and rent for $682-$950. The property was 100% occupied at the time of the transaction, which completed a 10-31 exchange for the buyer.