We are pleased to announce the successful sale of Park Plaza Apartments on August 15, 2016. The 234-unit property was sold to a notable New York-based principal that specializes in the multifamily space. During the hold period, the completion of several unit renovations and substantial property enhancement projects were instrumental in achieving substantial rent growth and asset-level value appreciation.
AION originally acquired the asset in 2010 alongside The Serrano and the two properties were recapitalized in 2015. The sale represents a successful result for our equity investors.