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MULTIFAMILY NEWS
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West Covina Multifamily Sale Tops $80 Mil

1/06/22

A 200-unit apartment property in West Covina traded hands in an $80.4 mil ($402k/unit) transaction. The buyer was Los Angeles-based apartment investor Ron Nasch.

The property, located at 1231 W Francisquito Ave, had recently undergone a $4.9 mil renovation on the majority of the units and all common areas. Additionally, all roofs were replaced in 2017.

The complex is comprised of 45% one-bedroom, 45% two- bedroom and 10% three-bedroom units with an average size of 873 sf. The property’s common amenities include a swimming pool and spa, fitness center, barbeque area and laundry facilities.

CBRE’s Stewart Weston and Dean Zander represented the seller, a private local owner. According to Zander, the buyer was in a 1031 exchange and owned apartments in the submarket.

“The City of West Covina has experienced significant rental growth, averaging 6.32% per annum over the last six years,” Weston noted. “We expect continued growth in this submarket as tenants continue to migrate to the San Gabriel Valley looking for affordable housing and the abundance of job opportunities available.”





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