A subsidiary of Lehman Bros. Holdings Inc. has sold the Serrano Apartment Homes in West Covina to BAG Investments of Bevelry Hills for $29.4 million.
Built in 1959, the Serrano has nine two-story garden-style buildings housing 195 two-bedroom, one-bath units. The complex, which is on a nine-acre site at 1513 W. San Bernardino Road, also includes two pools, basketball courts, a picnic area and laundry facility.
Lehman acquired the property in September 2012 through foreclosure proceedings, according to Andrew Kirsh, an attorney who helped represent Lehman in the transaction.
"Lenders who elected not to sell properties that they foreclosed on during the last recession are now benefitting from the spike in pricing over the last 12 to 18 months," Kirsh said. "In some cases, they are able to sell their assets at or above their original loan balances."
Real estate broker Marc Renard of Cushman & Wakefield represented both the buyer and seller in the transaction.