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6/21/16
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Windwood Apartments, a 116-unit multifamily property in the San Gabriel Valley city of West Covina, sold for $23.8 mil, or about $250k per unit. The property was 98% occupied at the time of sale.
Windwood Apartments offers a mix of one- and two-bedroom floor plans. Community amenities include a pool, spa, tennis court, clubhouse and fitness center. The property offers easy access to Interstate Highways 10, 60 and 605, and is within five miles of both West Covina Mall and City of Industry. Top employers in the area include City of Industry, Queen of the Valley Campus and West Covina School District.
The buyer, Lark Ellen Investor Inc of Culver City, plans to make major renovations to further increase the value of the property. The seller, DCP Lark Ellen Apartments LLC of Los Altos, was a long-term owner looking to sell after rents had increased by 60 percent over the past 10 years.
Robin D. Ossenbeck of Berkadia represented the seller in the sale, which closed on May 26. According to Ossenbeck, this was an attractive investment opportunity for the buyer due to the high potential to create value post-renovation.
Apartment vacancy in the West Covina area was at 4.4 percent as of Q3 2015, and rent growth has risen by 12 percent since 2011. Average asking rent was $1,530 in Q3 of 2015.
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