Greater Los Angeles Multifamily Asset Sold by Institutional Property Advisors
WEST COVINA, Calif., April 3, 2020 – 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 $31.95 million sales price equates to $375,882 per unit.
“South Hills Apartments is poised to benefit from the San Gabriel Valley’s strong economic fundamentals,” said Kevin Green, IPA senior managing director. “The buyer saw the opportunity to invest in a market with long-term growth potential bolstered by great freeway accessibility, strong employment in the healthcare and bioscience sectors, and top-rated schools.” Green, Greg Harris, IPA executive managing director, and Joseph Grabiec, IPA senior managing director represented the seller, Gemdale USA. “Gemdale acquired the property in 2016 and implemented a well-executed renovation strategy over the three-year course of ownership,” added Green. The buyer, an Orange County-based private family was procured by Green, Harris, Grabiec and Tyler Leeson, Marcus & Millichap senior managing director.
Built in 1966 on 5.2 acres, the property 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 State Polytechnic University are all within a 10-minute drive and Metrolink’s Covina and Baldwin Park train stations are nearby.back