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July 16, 2024
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West Covina Res Property Sells for $450k/Unit


South Hills Apartments, an 85-unit apartment property in West Covina, was purchased for $38.25 mil ($450k/unit) by HFH Ltd, a 1031 exchange buyer.

Built in 1966 on five-plus acres and remodeled in 2019, South Hills Apartments is a gated community with beautifully landscaped grounds, a shimmering swimming pool and spa with cabana lounges, two private firepits, convenient outdoor grilling areas, a dog wash station, and a gym with cardio and strength training equipment. Apartments have vaulted ceilings, washers and dryers and a patio or balcony.

South Hills Apartments is located at 2900 E Virginia Ave, just off the San Bernardino Fwy/I-10, near the Eastland Center and Cortez Park. Mt. San Antonio College, Azusa Pacific University, and California Polytechnic State University are all within a 10-minute drive and Metrolink’s Covina and Baldwin Park train stations are nearby.

Kevin Green, Joseph Grabiec and Greg Harris with Institutional Property Advisors, in conjunction with Marcus & Millichap’s Tyler Leeson, Mathew Kipp, and Nick Kazemi represented the seller, NextGen Properties Group and procured the buyer. The seller, with representation from Green, Grabiec and Leeson, 1031-exchanged the proceeds from the South Hills Apartments sale into the purchase of Alivia Apartments, a 128-unit multifamily property in Whittier, California.

“South Hills Apartments is located in one of Greater Los Angeles’ tightest multifamily markets, the San Gabriel Valley, which has had one of the region’s lowest vacancy rates and most limited construction pipelines,” commented Green.

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