We are pleased to announce the successful disposition of Serrano Apartments. The 192-unit property was sold to a notable Florida-based real estate institution on June 1, 2016. During the hold period, impactful property enhancements as well as the start to a proven value-add interior unit renovation strategy enabled a strong valuation at sale.
AION originally acquired the asset in 2010 alongside Park Plaza Apartments and the two properties were recapitalized in 2015. The sale represents a successful result for our equity investors.