NEWPORT BEACH, CALIFORNIA – Northmarq’s Shane Shafer, managing director, Newport Beach has completed the sale of Wescove Apartments for $21,000,000 for the seller, Positive Investments.
The buyer, Dunbar Residential Investments, plans to complete extensive exterior, common area and unit interior upgrades.
Wescove is comprised of fifty-six (56) well-designed single-story, two-bedroom one-bath homes, as well as two-story, two-bedroom townhomes located in West Covina, California. Built in 1963, the community is well-situated in one of the best areas of West Covina with close proximity to freeways and job centers throughout the Greater Los Angeles area.
“The greater LA markets continue to be in demand and are showing great current and future fundamentals of rent growth. Wescove’s unique garden-style design and desirable floorplans make it a great opportunity,” said Shafer.
Multifamily investment activity surged in 2022 and increased activity is likely in the next few quarters as well, as investor’s appetites for high-performing properties have increased. Read more about the overall multifamily market in Northmarq’s recently released National Multifamily Family 2022 Outlook.
About Northmarq
As a capital markets leader, Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $30 billion, loan servicing portfolio of more than $70 billion and the multi-year tenure of our more than 700 people.
