$86M L.A. apartment purchase

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.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.