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SHERMAN OAKS, CA-An investment group of institutional buyers has purchased the 170-unit Summer View Apartments from a joint venture of New York’s Praedium Group LLC and Coastline Capital Partners of Hermosa Beach for $20 million. The property, which was built in 1964 during an era when Los Angeles was building many more apartments each year than is the case today, consists of a three-story complex at 15353 Weddington St. The property features a fitness center, a clubhouse, tennis and basketball courts, two swimming pools, a sauna and a barbecue area. The complex was 95% occupied at the time of the sale, which was brokered by John Walsh of the Encino office of Marcus & Millichap. The Sherman Oaks location is in a built-out part of the San Fernando Valley, where construction of new apartments now is limited primarily to in-fill projects.According to Christopher Hughes, Praedium Group principal, the sellers added value to the property, which they bought in March 2003, through a renovation program that made it an attractive investment for institutional players that acquired it. The sale follows another recent Praedium-Coastline deal in which the two firms acquired Rosemead Garden Apartments, a 31-year-old, 131-unit complex in Pico Rivera, for $13 million. The buyers said at the time of the purchase that they planned a value-added play for the property, which they found attractive in part because it is located within blocks of several large new business and retail centers that have been developed with big-name retailers. Those developments are part of a wave of new investment in and around the city of Pico Rivera by public and private sources.

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