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WEST COVINA, CA-Pacific Property Co. of Palo Alto and partner BlackRock of New Jersey have placed two apartment buildings here totaling 278 units on the market, asking $41.35 million and naming Dean Zander of the Encino office of Hendricks & Partners as the listing agent. Zander, a senior Partner at Hendricks & Partners, tells GlobeSt.com that the combined offering represents the fifth largest multifamily asset in the vicinity and presents “one of the most affordable rental options” compared to competing complexes.

The two properties are the Waterstone and the Atrium, which consist of multiple two-story buildings on a combined 9.3 acres, close to several freeways, shopping and entertainment options, plus numerous employers. Zander says that the properties “offer demonstratable rent growth through the completion of interior and exterior renovation upgrades that Pacific Property began in 2004.”

According to Zander, the new owner will be able to capitalize on “the overwhelming number of renters seeking quality affordable units with great freeway access, rather than adding extra time to their commute and dollars to their gas tanks” driving from the Inland Empire to their jobs. Zander points out that in West Covina, which is in the eastern San Gabriel Valley region of Los Angeles County, rent growth and occupancy rates have outpaced those of most of Los Angeles, California and the nation.

The two complexes are nearly 95% leased and feature approximately 70% two- and three-bedroom units, plus common area amenities including several pools, a fitness center, leasing offices, a playground and multiple on-site laundry facilities. The configuration of the properties also provides the capacity to add more amenities in under-utilized spaces, Zander says.

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