Marcus & Millichap’s Ontario Office Arranges Sale of Covina Property
Covina's recent growth in terms of rent rates has spurred investor interest in the area, with the smallest of assets now trading hands.
By Alex Girda, Associate Editor
Covina, Calif.—An apartment community in the Eastern end of Los Angeles County recently traded hands in a deal arranged by commercial real estate investment services firm Marcus & Millichap. The investment-oriented company handled both ends of the transaction valued at more than $7 million.
The Bahamas
Marcus & Millichap employees from the company’s Ontario office handled the transaction. The listing was exclusively marketed on behalf of the seller by Investment Specialist Mark Sanfilippo, while the buyer was secured and represented by Sanfilippo along with First Vice President Investments Reza Ghaffari.
Located at 514 East Cypress St. and 826 North Barranca Ave. in Covina, the multifamily asset is made up of four, two-story buildings that offer a total of 40 residential units. The community was built in 1961 and 1963, and is now known as The Bahamas.
The unit mix at The Bahamas consists of two studios, 18 one-bedroom units, 19 two-bedroom units, and one three-bedroom unit. All units are separately metered for gas and electricity, except for the studios. According to real estate data provider Yardi Matrix, the average rent in Covina has improved by almost 5 percent compared to the same point in 2015, amid general improvement across the L.A. metro. This has led to increased interest in smaller submarkets such as Covina.
