LONG BEACH, CA - CNS Focused Investments announced that it has acquired La Villa Lake Apartments, a 114-unit apartment building for a purchase price of $15,712,500.
The property is located in the Los Angeles County community of Pasadena with superior access to the major employment centers of Los Angeles by way of the 134,110, and 210 freeways. The property's location places residents within walking distance of nearby schools, services, shopping, dining, and recreation. La Villa Lake is situated just minutes from the Metro Gold line station. The metro provides residents with convenient access to area employers and links Pasadena with Downtown Los Angles and the greater Los Angeles region.
Over the next 24 months, CFI plans to modernize the 1970's-built property with a series of renovations to provide residents with popular interior finishes. Apartment interiors will take on a contemporary look with granite countertops, stainless steel appliances, new cabinetry, flooring and lighting.
CFI principal Shane Shafer commented, "La Villa Lake is a great opportunity for us to purchase a well-built 1970's building and, bring it up to contemporary standards. We are actively looking to grow the portfolio and are seeking more opportunities like La Villa Lake in other highly constrained rental markets like Pasadena."
La Villa Lake represents the second investment by CFI, a new fund comprised of institutional and individual investors to acquire value-added apartment communities in the vital job and transportation centers of Los Angeles, Inland Empire and Orange County. CFI is led by apartment investors and operators Lee Carlson and John Nunn whose NYSE-listed and private company apartment experience spans more than 50 combined years and has most recently included NNC Apartment Ventures LLC, a $500 million portfolio in Southern California and Arizona.
Carlson and Nunn are joined in CFI by Shane Shafer, whose real estate brokerage experience spans 15 years and includes $1 billion in apartment acquisition and disposition transactions.
CNS Focused Investments (CFI) was formed to buy, renovate and manage apartment communities in 35 core workforce markets in Southern California—each located within a 60-mile radius of Long Beach. CFI's target markets feature employment-dense locations with unrivaled transportation links to provide commute convenience and luxury living to residents.
Source: CNS Focused Investments / #Multifamily #Apartments