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February 15, 2019
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West Covina Multifamily Asset Traded in $18.8 Mil Deal


An 80-unit multifamily complex in West Covina sold for $18.8 mil, or $235k/unit. The buyer was a partnership associated with Landmark Properties, out of Sherman Oaks.

The 83.2k sf community, located on 6.5 acres at 2000 W Pacific Ave, is comprised of single-story, two-bedroom units. The residences average about 1k sf in size and feature fireplaces and private patios. The property includes a courtyard, swimming pool, barbeque area, laundry facilities and secured entry.

The buyer assumed the existing affordable housing agreement, stipulating 12 units. The contract has 12 years remaining of an initial 35-year term.

CBRE’s Priscilla Nee, Dean Zander, Stew Weston, John Montakab, and Eric Chen jointly represented the buyer and the seller, Mauna Loa Apartments, in the transaction.

“During the 30-year ownership, only partial upgrades have been made, which is providing an ideal renovation and repositioning opportunity for the buyer,” said Zander. “This area is in such shortage of quality housing. A property like this is greatly needed and in high demand.”

Nee added, “This property is one of the rare, low-density multifamily sites in the area, situated on almost seven acres along the 10 Fwy in the San Gabriel Valley. It makes this an extremely rare opportunity with the potential to redevelop for higher-density purposes in the future.”

Apartment vacancies in the Greater Los Angeles region are expected to remain stable with a probable temporary rise due to new supply opening in 2018. Rents are likely to continue to increase at a moderate pace, according to the latest CBRE research.

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