Northmarq’s Shane Shafer arranges $21 million sale of a value-add multifamily property in West Covina, California
NEWPORT BEACH, CALIFORNIA (July 6, 2022) – Northmarq’s Shane Shafer, managing director, Newport Beach has completed the sale of Wescove Apartments for $21,000,000 for the seller, Positive Investments.
The buyer, Dunbar Residential Investments, plans to complete extensive exterior, common area and unit interior upgrades.
Wescove is comprised of fifty-six (56) well-designed single-story, two-bedroom one-bath homes, as well as two-story, two-bedroom townhomes located in West Covina, California. Built in 1963, the community is well-situated in one of the best areas of West Covina with close proximity to freeways and job centers throughout the Greater Los Angeles area.
“The greater LA markets continue to be in demand and are showing great current and future fundamentals of rent growth. Wescove’s unique garden-style design and desirable floorplans make it a great opportunity,” said Shafer.
Multifamily investment activity surged in 2022 and increased activity is likely in the next few quarters as well, as investor’s appetites for high-performing properties have increased. Read more about the overall multifamily market in Northmarq’s recently released National Multifamily Family 2022 Outlook.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
