(EDITOR’S NOTE: According to property records, the property was sold by an entity linked to LLJ Ventures to Sunset Square #200u, LP and Sunset Square Ggf #200u-1, LLC, both of which are affiliated with Alan Gindi of Culver City.)
NEWPORT BEACH — Shane Shafer, managing director of Northmarq’s Irvine Multifamily Investment Sales team, has completed the $40 million sale of Sunset Square, a 140-unit multifamily property located at 745 N. Sunset Ave. in West Covina. The four-building property was built in 1964 and renovated in 2015. Northmarq represented the seller.
“We are very pleased to be able to close another high-quality Southern California apartment asset,” said Shafer. “This sale shows the strength of the greater Los Angeles market that continues to be in demand for investors. West Covina is a great example of how the suburban Los Angeles markets are producing great opportunity for multifamily investors looking for steady returns in the Los Angeles County market.”
Sunset Square is a pet-friendly community located in the beautiful West Covina neighborhood, minutes away from the Kaiser Permanente Baldwin Park Medical Center, Azusa Pacific University and New Western University. Residents enjoy a central location near high-end dining and local boutiques. Residents can choose from one-, two- or three-bedroom floor plans with quartz countertops, modern interiors and energy-efficient appliances. Sunset Square offers an array of amenities including a swimming pool, fitness center and outdoor lounge areas.
Apartment amenities include: White cabinets with kitchen glass tile backsplash, carpet options, chrome lighting and hardware, full-length mirrored closet doors and designer select finishes. Community amenities include: Gated community, laundry facilities, covered parking, gas barbecues, resident clubhouse, extra storage and 24-hour emergency maintenance.
About Northmarq
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.
