Larkspur rental housing complex sold after bond default

A 342-apartment complex in Larkspur that was purchased using tax-exempt municipal bonds to provide housing for middle-income households has been sold after defaulting on its debt.

Serenity at Larkspur at 700 Lincoln Village Circle was purchased in a $226.5 million deal in 2019. Bondholders were notified on Dec. 5 that the property was being sold for about $170 million to Pacific Multifamily Investors, a limited liability company.

The notice said that following “noticed defaults and...