A Spring Valley apartment complex has been sold for $17.9 million.
The 74-apartment complex at 10130 Austin Drive was sold by a joint venture affiliate of New Standard Equities, an Encino-based firm led by Edward Ring.
The seller was represented by the Zorbas Group, led by Christopher J. Zorbas, a senior managing director of investments in Marcus & Millichap’s San Diego office.
The buyer was CARV Properties, LLC with Carlos Ledesman as managing member. CARV Properties was represented by Bill Anderson of ACRE Investment Real Estate Services.
Built in 1976, the five-building complex has 60 one bedroom and two-bedroom apartments ranging in size from 480 square feet to 920 square feet and 14 three-bedroom townhomes of 1,200 square feet each.