Investment Group Acquires West Covina Apartments
CBRE facilitated the $26.35-million sale of Cambridge Apartments, a 76-unit multifamily property located at 2601 E. Valley Blvd. in West Covina. A multifamily investment group acquired the community, represented by CBRE’s Eric Chen and Justino Fa’aola.
“This sale underscores the demand for well-maintained multifamily assets in the West Covina market,” said Chen, EVP at CBRE. “The buyer recognized the significant value proposition, including the property’s prime location, recent upgrades and the potential for future development.”
Situated on a 5.5-acre lot, the property offers a unit mix of one-bedroom and two-bedroom apartments. It provides convenient access to Los Angeles, Orange County and the Inland Empire, thanks to its location near the 60 Freeway.
According to CBRE research, the Greater Los Angeles apartment vacancy rate is at 4.2%, significantly lower than the national average.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout