Los Angeles – Jan. 4, 2022 – CBRE announced the sale of a 200-unit apartment property in West Covina, Calif. to private Los Angeles-based apartment investor Ron Nasch for $80.4 million.
CBRE’s Stewart Weston and Dean Zander represented the seller, a private local owner.
The property, located at 1231 W Francisquito Ave, has recently undergone a $4.9 million renovation on the majority of units and all common areas. Additionally, all roofs were replaced in 2017. The complex is comprised of 45 percent one-bedroom, 45 percent two- bedroom and 10 percent three-bedroom units with an average size of 873 square feet. The property’s common amenities include a swimming pool and spa, fitness center, barbeque area and laundry facilities.
“The buyer was in a 1031-exchange and owned apartments in the submarket,” said Zander. “He recognized the strength of the location plus the appeal of a fully-renovated community. Since the former owner had remodeled all the common areas and 99 percent of the unit interiors, new ownership can enjoy the continued rent growth plus the efficiencies of operating another nearby property.”
Weston added, “The City of West Covina has experienced significant rental growth, averaging 6.32 percent per annum over the last six years. We expect continued growth in this submarket as tenants continue to migrate to the San Gabriel Valley looking for affordable housing and the abundance of job opportunities available.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
