Los Angeles Firm Buys Spring Valley Apartments for $14 Million

New Standard Equities (NSE) of Los Angeles has purchased a 74-unit apartment property in Spring Valley for $14 million, the company announced.

The seller of El Paseo Apartment Homes, at 10130 Austin Drive, was Fowler Property Acquisitions of San Francisco. The seller was represented by Kyle Pinkalla, Ed Rosen, John Chu and Erin Dammen of brokerage company Cushman & Wakefield Inc.

In a company statement, NSE Founder and CEO Edward Ring said the company plans to invest more than $1 million in renovations. The property was built in 1976.

Hanover Financial of Los Angeles provided equity for the purchase and renovations as part of a joint venture with NSE.

The acquisition is NSE’s second in the San Diego market in the past year. The company last year bought the 132-unit Asana at North Park for approximately $18.5 million and expects to complete a $2.2 million renovation by year’s end, Ring said.