$86M L.A. apartment purchase

Buyer plans major improvements

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Seattle-based Security Properties this week sold a large, 1980s apartment complex in Los Angeles for approximately $86.3 million. The property, purchased by San Francisco Bay Area-based Prometheus Real Estate Group, is known as the Serravella Apartments. Constructed in 1987, this mid-rise resort-style community is located at 1710 North Fuller Ave. and features 298 units. Prometheus plans on executing a substantial renovation of the asset, according to a press statement. ...