The two properties are the Waterstone and the Atrium, whichconsist of multiple two-story buildings on a combined 9.3 acres,close to several freeways, shopping and entertainment options, plusnumerous employers. Zander says that the properties "offerdemonstratable rent growth through the completion of interior andexterior renovation upgrades that Pacific Property began in2004."

According to Zander, the new owner will be able to capitalize on"the overwhelming number of renters seeking quality affordableunits with great freeway access, rather than adding extra time totheir commute and dollars to their gas tanks" driving from theInland Empire to their jobs. Zander points out that in West Covina,which is in the eastern San Gabriel Valley region of Los AngelesCounty, rent growth and occupancy rates have outpaced those of mostof Los Angeles, California and the nation.

The two complexes are nearly 95% leased and featureapproximately 70% two- and three-bedroom units, plus common areaamenities including several pools, a fitness center, leasingoffices, a playground and multiple on-site laundry facilities. Theconfiguration of the properties also provides the capacity to addmore amenities in under-utilized spaces, Zander says.