COVINA, CA-Pacific Urban affiliate PPC Covina LLC has named the Hendricks & Partners team of Dean Zander and Vince Norris to market the 250-unit Riverstone/Brookstone complex, two apartment buildings that the ownership bought in 2005. The two properties, located at 1159 and 1160 North Conwell Ave., were built as two separate buildings (92 and 158 units) in 1971 and are currently 96% leased.

The Hendricks team says that, while the owners performed some upgrades and exterior renovations to the property shortly after its acquisition, they put on hold future capital plans as the market softened. "With few larger projects currently on the market, the seller will capitalize on the pent-up demand and short supply of value-add opportunities, while permitting the buyer to reap the benefits of an improving marketplace," Zander and Norris say.

The three-story, garden style complex features a mix of one, two, and three-bedroom apartments on almost eight acres of landscaped grounds. The property features a leasing center, community room, billiard room, fitness center, two pools and spas, built-in gas BBQs and a tot lot. Unit amenities include large spacious floor plans, and Riverstone units feature central air, and private patios, while some Brookstone apartments offer private enclosed two-car garages, and oversized private patios.

Covina offers strong demographics, a potential for rent growth and high barriers to entry, according to the Hendricks team. “In addition to the value-add component, the

properties are on two legal parcels across the street from one another; they can easily be split and offered individually as smaller assets,” according to Zander. The complex is being offered for sale unpriced.

“The property has great fundamentals, and is increasing rents,” said Norris. “Covina is a very small market, and as occupancy tightens, rents are growing,” Zander continued. Occupancy, tenant retention, and concessions have all improved significantly over the last 90 days, they point out. The bid deadline for the complex is March 4.