(Read more on the multifamily market.)

WEST COVINA, CA-Security Properties Inc. has acquired the 250-unit Torrey Pines Apartments from New York City-based Acacia Capital Funds for $53 million in a joint venture with Capmark Finance Inc. The complex, at 851 S. Sunset Ave., was built in 1981 and consists of 21 two-story apartment buildings.

Security Properties’ business plan includes enhancements to the unit interiors of the complex, which features an extensive amenity package, according to Lonnie Nadal, director of acquisitions for the Seattle-based firm. The amenities include five swimming pools, two heated spas, a fitness center and multiple children’s playgrounds.

The new owners’ upgrade plan will include adding washer and dryers, updating accessories and completing other upgrades. Nadal says that Security believes the Torrey Pines complex holds the potential to become “the finest family property in the submarket.”

Besides its quality and amenities, the complex benefits from a location adjacent to the Citrus Valley Health Center, which is the largest employer in West Covina. Its location is also on the border of Los Angeles and the Inland Empire, providing easy access to the major employment centers in both these regions, which are home to the largest labor force in the state of California with one of the lowest unemployment rates.

The Security Properties deal marks the third significant transaction in recent days in West Covina, where institutional investors have acquired multifamily and office assets. In another apartment deal, an 85-unit apartment complex called South Hills sold for $20.7 million, a price that it achieved in part because of its rank as one of the lowest-density complexes in the area.

The South Hills property was acquired by an AvalonBay affiliate called AvalonBay VAF Acquisition LLC, which plans an extensive renovation and repositioning of the asset. In the office deal, CA-Cornerstone Real Estate Advisors acquired a 174,065-sf complex called the Lakes from Los Angeles-based Ten West Associates LLC for $58 million.

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