Zander explains that MG is familiar with the local West Covinamarket, was seeking an exchange property, has an existingrelationship with the seller and had the capability of securing newdebt. He notes that the buyer obtained new Freddie Mac debt with afive-year interest-only feature and a lifetime cap of 6.75%.

The Atrium at West Covina is at 1829-1841 East Workman Ave. andwas 93% leased at the time of the sale. The seller was Palo Alto,CA-based PPC AVF III, an affiliate of Pacific Property Co. of PaloAlto.

The complex, situated on 4.7 acres just north of the 10 Freeway,features units ranging from one to three bedrooms and measuringfrom 830 square feet to 1,465 square feet. Zander, who brought theAtrium to market at an asking price of $20 million, tellsGlobeSt.com that the purchase price "reflects a realisticadjustment in response to today's capital markets."