(Read more on the multifamily market.)

WEST COVINA, CA-Owners of one of the largest apartment complexes in one of the region’s submarkets with high barriers to entry, the 312-unit Waterstone at Walnut Ridge, have placed the property on the market for an asking price of $65 million, according to the Harris Group at Marcus & Millichap. Listing agent Gregory Harris of the Harris Group describes the complex as a “prime located, value-add property” that occupies more than 15.4 acres in a West Covina location that is close to the upscale community of Walnut.

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

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