76-Unit Multifamily Community in Land-Constrained West Covina Sells for $26.4 Million

Features September 12, 2025| | Amy Wolff Sorter

A San Gabriel Valley-based private investment group acquired Cambridge Apartments, a 76-unit multifamily community at 2601 E. Valley Blvd. in the land-constrained city of West Covina, CA. The local private buyer acquired the property through a 1031 exchange at a sales price of $26.4 million. Escrow was closed on schedule, within 15 days of the offer’s acceptance.

“The seller had owned the property for 18 years, and this was the right time for them to sell because they self-managed the asset for almost two decades. They were ready to retire from being a landlord,” CBRE Senior Associate Justino Fa’aola told ApartmentBuildings.com.

Fa’aola and CBRE Executive Vice President Eric Chen represented the buyer. Nick Hayner from Maywood Property Group assisted the seller, who bought Cambridge Apartments in 2008 for $12.4 million.

Fa’aola said that the property attracted close to double-digit offers within the first ten days of the offering. “West Covina is a supply-constrained market as it relates to flat land,” he commented. “Another selling component was that this site offered over five acres of flat, usable land.”

Additionally, few mid- to large-scale apartment properties are available for sale in the East San Gabriel Valley. “The opportunity to purchase the property became very competitive, as most investors who want a footprint in the SGV don’t get the opportunity too often,” Fa’aola explained.

The seller financed the property acquisition with a high loan-to-value and an undermarket interest-only rate, which, according to Fa’aola, is fixed for an extended period of time.

Situated on 5.5 acres, the late 70s-built Cambridge Apartments has 40 one-bedroom units and 36 two-bedroom units. The occupancy at the time of sale was 94%. The former owners improved the property by adding newer roofs and windows, rehabbing many of the units, upgrading copper plumbing and electrical sub-panels and performing an exterior paint job.

Fa’aola said that the asset’s upside rests in operations and property management improvements. Additionally, the parcel has an unused section of land that could offer a development opportunity or detached Accessory Dwelling Unit (ADU) potential. This is a plus in the land-constrained submarket, further increasing the upside potential.

Fa’aola said that the new ownership plans to renovate the remaining units and create a “significant number of new amenities throughout the community.”

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76-Unit Multifamily Community in Land-Constrained West Covina Sells for $26.4 Million

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Brokers

Remax Professionals

Jared Ennis

Rick Recckio

Eamonn McConnell

Lenders

Management

Essex Property Trust, Inc.

Josh A

Bob Tuteur

Andrew Schildcrout