WEST COVINA, Calif. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of South Hills Apartments, an 85-unit apartment property in West Covina, California. The $38.25 million sales price equates to $450,000 per unit.
“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,” said Kevin Green, IPA executive managing director.
Green and IPA’s Joseph Grabiec and Greg Harris, in conjunction with Marcus & Millichap’s Tyler Leeson, Mathew Kipp, and Nick Kazemi represented the seller, NextGen Properties Group and procured a 1031-exchange buyer, HFH Ltd. 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 just off the San Bernardino Freeway/Interstate 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.
Built in 1966 on five-plus acres and remodeled in 2019, South Hills Apartments is a gated community with a swimming pool and spa, fitness center, and outdoor kitchen with barbecue grills. Apartments have vaulted ceilings, washers and dryers and a patio or balcony.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.