(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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.