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7/19/17
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Las Casitas, a 28-unit multifamily property in Covina, was purchased by a private 1031-exchange investor for $8.2 mil, or $293k/unit. The property is located at 321 South San Jose Ave, north of I-10 and east of Citrus Ave.
The project is comprised of both single-story and two-story townhome-style units. More than half of the apartments have been recently renovated. The complex is ideally situated in a high-density area and is within proximity to a variety of restaurants and retailers.
Eric Chen and Dan Blackwell with CBRE represented the seller, a local real estate investment firm. The buyer was repped by Joe Cooper of KW Commercial Mkt Center. Las Casitas sold at a record high price per unit in the City of Covina for an apartment building built in the 1960s, according to CBRE research.
“Las Casitas is located in the most desirable, non-rent controlled area of Covina, and offers continued growth and stability for the new buyer,” said Chen. “The renovation work has branded Las Casitas as a pride-of-ownership asset with very few other properties in the surrounding area offering the same competitive edge.”
The number of new apartments expected to come online in the Greater Los Angeles area this year is expected to top the previous record reached in 2016, driven by continued strong demand for rental space, according to CBRE Research. Deliveries in 2017 are projected to total 7,830, up from 7,755 in 2016, which had been the highest annual volume in the past 20 years. Continued strong demand helped buoy effective rates to $1,630 during the first quarter from $1,298 in Q1 2012.
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