Gemdale Properties and Investment Corp. has sold South Hills Apartments, an 85-unit community in West Covina, Calif., to a private investor for $32 million. Institutional Property Advisors assisted both parties in the transaction. The asset last traded for $26.3 million in 2016 when the seller acquired it from Sack Properties, according to Yardi Matrix.
Located on 5 acres at 2900 E. Virginia Ave., the community comprises 20 two-story buildings completed in 1966. During its three years of ownership, Gemdale executed a capital improvement program at the property, according to IPA Senior Managing Director Kevin Green.
The unit mix features one- to three-bedroom floorplans. South Hills Apartments is close to multiple dining and shopping options along Interstate 10. Azusa Pacific University, California State Polytechnic University and Mt. San Antonio College are situated within 5 miles of the community, while Downtown Los Angeles is 22 miles away.
Along with Green, the IPA team that negotiated on behalf of the seller and procured the buyer included Senior Managing Directors Joseph Grabiec and Tyler Leeson and Executive Managing Director Greg Harris. In January, the same team facilitated the $62.5 million sale of Monterra Ridge Apartments, a 232-unit community in Santa Clarita, Calif.