ApartmentDeals.com
  • Home
  • Offerings
  • Recent Sales
  • Team
    • Client Testimonials
  • Headlines
  • Contact
  • Home
  • Offerings
  • Recent Sales
  • Team
    • Client Testimonials
  • Headlines
  • Contact

Abacus Capital buys West Covina apartment complex for $34M

10/2/2018

0 Comments

 
Picture
Abacus Capital buys West Covina apartment complex for $34M
There's high demand for investment in the area with high barrier to entry

​By Gregory Cornfield
Picture
In a sign of mounting demand for investment in the area, a New York-based firm bought an apartment complex in West Covina this week.

An affiliate for New York-based Abacus Capital Group, LLC, bought the Atrium Apartments at 1829 E. Workman Ave. for $33.9 million, CBRE said. It was the firm’s first purchase in Southern California.
San Diego-based MG Properties Group was the seller.

The 138-unit property in the San Gabriel Valley features two- and three-bedroom apartments, which each have an average of more than 1,000 square feet. The property includes three swimming pools and a fitness center. It has averaged less than 4-percent vacancy since 2016.

​The West Covina area has been a “submarket with extremely high barrier to entry,” said Dean Zander with CBRE, who represented MG Properties Group. Earlier this year, CBRE also represented a partnership associated with Landmark Properties in the purchase of another West Covina multi-family complex for $18.8 million.

In August, StarPoint Properties sold an apartment complex in West Covina for $74 million. And in March, Goldrich & Kest Industries bought a 182-unit complex at 1234 W. Cameron Ave. for $44.8 million.

A lack of supply and the strong demand have buoyed rents and kept occupancies high, according to CBRE research. Only one conventional market-rate property, with 450 units, has been built in the West Covina/Covina submarket since 1990. No new projects are planned.
0 Comments



Leave a Reply.

    Headlines

    Latest news for multi-family real estate.

    Archives

    February 2023
    November 2022
    September 2022
    August 2022
    June 2022
    May 2022
    March 2022
    December 2021
    November 2021
    October 2021
    August 2021
    March 2021
    November 2020
    October 2020
    March 2020
    January 2020
    December 2019
    November 2019
    September 2019
    July 2019
    May 2019
    January 2019
    November 2018
    October 2018
    August 2018
    May 2018
    October 2017
    August 2017
    July 2017
    June 2017
    October 2016
    September 2016
    July 2016
    June 2016
    April 2016
    February 2016
    October 2015
    August 2015
    July 2015

    Categories

    All

    RSS Feed

Powered by Create your own unique website with customizable templates.