Goldrich Kest has acquired Sunset Plaza, a 183-unit community in West Covina, Calif., for $44.9 million. Berkadia arranged the sale on behalf of the buyer and the seller, Waterton.
Located at 1234 W. Cameron Ave., Sunset Plaza is alongside Interstate 10, within 20 miles of downtown Los Angeles. The property also offers access to many retail centers, including the Plaza West Covina and Sunset Square Shopping Center. Built in two phases in 1962 and 1963, the building comprises a mix of studio, one-, two- and three-bedroom units, featuring granite countertops, air conditioning and balconies. Community amenities include a fitness center and a pool.
“Investors are seeking opportunities in markets that are showing increased rent growth, low vacancy rates and a highly constrained supply of new units, all of which we’re seeing in West Covina,” said Shane Shafer, managing director at Berkadia, in prepared remarks. “This sale is an example of the appetite investors have for value-add opportunities in the greater Los Angeles county submarket.”
Image courtesy of Yardi Matrix