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SANTA MONICA, CA-Carmel Partners of San Francisco has purchasedthe 174-unit Pico Lanai apartment complex, which includes a parkinglot that could potentially be developed as a 37-unit condo project,according to CB Richard Ellis. Laurie-Lustig Bower of TeamLustig-Bower at CBRE tells GlobeSt.com that the new owners plan tocontinue to operate the complex as apartments, but the site haspotential for condo development on land that is now a surfaceparking lot serving the apartments.

Team Lustig-Bower represented the buyer and the seller in thedeal. Carmel, which is led by CEO Ron Zeff and chief investmentofficer Christopher Beda, paid $28.12 million for the property,which it acquired from Los Angeles-based Hill Street Partners. Theselling entity, which is led by managing members Saul Berley andJoe Penner, had owned the property for a year.