(Read more on the multifamily market.)

WEST COVINA, CA-Owners of one of the largest apartment complexesin one of the region's submarkets with high barriers to entry, the312-unit Waterstone at Walnut Ridge, have placed the property onthe market for an asking price of $65 million, according to theHarris Group at Marcus & Millichap. Listing agent GregoryHarris of the Harris Group describes the complex as a "primelocated, value-add property" that occupies more than 15.4 acres ina West Covina location that is close to the upscale community ofWalnut.

According to Harris, gross rental income has increased 6.2% overthe last 12 months at the complex, which is in a submarket wherecomparable renovated properties are exceeding market rentprojections. He notes the strong housing market in adjacent Walnut,where the median home price is $660,000 and the median householdincome exceeds $88,000.

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