Praedium Buys $13M Apartments

PICO RIVERA, CA-New York’s Praedium Group has continued its Southern California shopping trip with the $13 million purchase of the 131-unit Rosemead Garden Apartments in a partnership with Coastline Capital Partners of Hermosa Beach.The property, 94% occupied at the time of the purchase, is at 7711 Rosemead Blvd. Built in 1973, the two-story property features higher than average parking including 215 spaces, or 1.6 per unit, with 59 spaces located in a garage under one of the buildings. Additional amenities include a swimming pool, tennis court, BBQ area, and laundry facilities.Chris Thompson of Investment Real Estate Associates of Los Angeles represented the seller, a private investment partnership. Christopher Hughes, Praedium Group principal, says Praedium was attracted by the high occupancy rate at the complex, along with its location within a densely populated area of Los Angeles. Additionally, the Pico Rivera area is currently undergoing an aggressive improvement program, Hughes notes. Within blocks of the property, several large new business and retail centers have been developed, with big-name retailers. Praedium and Coastline Capital plan improvements to the property, which represents Coastline’s second investment with The Praedium Group, says Steven Ludwig, principal of Coastline. In March 2003, Praedium and Coastline jointly acquired Summer View Apartments, a 170-unit apartment complex in Sherman Oaks.