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COVINA, CA-A private partnership known as Transwestern JH Hallmark LLC has paid $19.7 million for the 250-unit Hallmark East and West Apartments in the 1100 block of North Conwell Avenue in this San Gabriel Valley suburb.

The hefty price tag the investors paid reflects the rising value of rental units in LA County and other parts of Southern California, where vacancies have dropped to an all-time low of about 2% and rents in many areas have been rising at a double-digit annual rate.

The seller is another private partnership, FSF Hallmark Associates. Robin Ossenbeck of the Encino office of Marcus & Millichap represented both the buyer and the seller.

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