90
LAKEWOOD, CALIF. — Advanced Real Estate Services (ARES) has purchased the 149-unit Olivewood Apartments in Lakewood for $30.9 million. The community is located at 5800 South St.
Olivewood Apartments was built in 1976. The property has never undergone a renovation. ARES plans to completely renovate and rebrand the community as The 5800 Apartment Homes.
ARES assumed a loan worth approximately $16 million. The company plans to add $6 million in improvements to the property. Dean Zander of Berkadia executed the sale. The seller was Interstate Equities Corp.