A southern California investor has acquired a 608-unit apartment complex in Lakewood for $92.25 million.
Waterfront Apartments is located at 10555 W. Jewell Ave. and was built in 1978. The property was purchased by ColRich Multifamily, according to public records.
The purchase breaks down to $151,726 per unit.
More than $3 million in capital improvements at Waterfront have been completed since 2013, according to information provided by CBRE Group Inc.'s Multifamily Investment Properties division, which represented the seller. Those capital improvements included interior renovations on 90 percent of the units.