Clarion Partners is making moves to grow its multifamily portfolio in Southern California. Property records indicate that the global real estate investment company purchased a 209-unit apartment community in West Covina for $92 million, or about $440,191 per unit. Multifamily real estate investment company Legacy Partners was the seller in the transaction.
The apartment community, located at 200 N. Grand Avenue, is called The Verandas. The property’s website shows that the building maintains a mix of one-, two- and three-bedroom apartment options, with rent ranging from $2,416 to $3,002 per month.
The property also offers a number of onsite community amenities, including access to a dog park, various lounge areas, a pool and more.
“There’s more to enjoy beyond the four walls of our Inland Empire apartments. To give you an idea, you can stay cool on hot summer days at the pool deck, stay in top shape regardless of the season at the well-equipped fitness center, and see the furry residents bond at the dog park designed for their entertainment. On top of these, our onsite staff works tirelessly to ensure everything runs smoothly, which is why they offer maintenance, package receiving, and scenic garden landscaping,” the website states.
The Verandas are located in a primarily residential neighborhood, just north of the San Bernardino Freeway. The apartment building is within close proximity to several other multifamily assets, including Rowland Palms Apartments, Casa de Lago Apartments and more.
According to public records, the recent sale of the apartment community was nearly double what it last traded for in 2007. At that time, Legacy Partners purchased the asset for $46.25 million, or about $221,291 per unit.
The sale of the property adds to a number of recent deals in Southern California by Clarion Partners over the past several months. In November, the Los Angeles-based company, in partnership with Cityview, acquired the 276-unit Empire Landing apartment complex in Burbank for $161 million, or $583,333 per unit. Prior to that, the company also acquired the Fusion Life Science HQ, a 121,541 square-foot hybrid creative office and R&D building in San Diego’s Carlsbad submarket. The building, which is located at 1950 Camino Vida Roble, was purchased for $54 million, or $444 per square foot.
Overall, Clarion Partners maintains a global presence, with more than 1,400 properties located across 78 Markets. The company’s multifamily portfolio totals 35,684 units.