Waterton Associates Expands Holdings Further in CA
- Aug 06, 2015
West Covina, Calif.—Waterton Associates LLC has acquired of Sunset Plaza, a 183-unit apartment property in Southern California’s San Gabriel Valley in an off-market deal from a private seller. The company plans a value-add renovation that will update individual units and amenity spaces, plus refresh the property’s exterior.
Located in West Covina, which is about 20 miles east of downtown Los Angeles, the five-building Sunset Plaza includes a mix of studio, one-, two- and three-bedroom apartments with condo- and townhome-style floor plans. Common amenities include two outdoor pools, a fully equipped fitness center, resident clubhouse with business center and a children’s playroom.
The property is a half-mile from Plaza West Covina, a regional mall with more than 200 shops and restaurants. It’s also within walking distance of Queen of the Valley Hospital, one of West Covina’s largest employers.
“As a bedroom community, West Covina’s housing stock consists primarily of single-family homes, so we see pent-up demand for rentals,” noted Mark Stern, senior vice president of acquisitions at Waterton Associates. “The lack of multifamily development in and around West Covina over the past decade, along with projected population growth in the area, made the transaction especially attractive.”
Sunset Plaza is the fifth property acquired by Chicago-based Waterton so far in 2015, and expands the firm’s Southern California portfolio to six complexes comprising nearly 1,400 units. The company also recently entered into a JV with Allianz Real Estate of America and Clal Insurance to buy $800 million of core and core-plus apartment properties in major markets such as Boston, Chicago, metro New York, Northern California, Seattle and Washington, D.C.