Northmarq’s Shane Shafer arranges $21 million sale of a value-add multifamily property in West Covina, California

Wescove Apts

Investment Sales - Multifamily

Multi-Tenant

NEWPORT BEACH, CALIFORNIA (July 6, 2022) – Northmarq’s Shane Shafer, managing director, Newport Beach has completed the sale of Wescove Apartments for $21,000,000 for the seller, Positive Investments.

The buyer, Dunbar Residential Investments, plans to complete extensive exterior, common area and unit interior upgrades.

Wescove is comprised of fifty-six (56) well-designed single-story, two-bedroom one-bath homes, as well as two-story, two-bedroom townhomes located in West Covina, California. Built in 1963, the community is well-situated in one of the best areas of West Covina with close proximity to freeways and job centers throughout the Greater Los Angeles area.

“The greater LA markets continue to be in demand and are showing great current and future fundamentals of rent growth. Wescove’s unique garden-style design and desirable floorplans make it a great opportunity,” said Shafer.

Multifamily investment activity surged in 2022 and increased activity is likely in the next few quarters as well, as investor’s appetites for high-performing properties have increased. Read more about the overall multifamily market in Northmarq’s recently released National Multifamily Family 2022 Outlook.

View Available Multifamily Listings

About Northmarq

Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.