IRVINE, Calif. – March 26, 2018 – Berkadia today announced the sale of Sunset Plaza, a multifamily property in West Covina, California. Managing Director Shane Shafer of Berkadia’s Irvine, California office completed the $44.85 million sale on behalf of the buyer, California-based Goldrich Kest and the seller, Chicago-based Waterton. The deal closed on February 28.
“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 Shafer. “This sale is an example of the appetite investors have for value-add opportunities in the greater Los Angeles county submarket.”
Located at 1234 W Cameron Ave., Sunset Plaza offers studio, one-, two- and three-bedroom floorplans with balconies, granite countertops and air conditioning. Residents can also enjoy community amenities, such as a pool and fitness center. The property affords convenient access to downtown Los Angeles, which is about 20 miles away.