Sares-Regis Shops the Eastern L.A. County
- Sep 11, 2015
A 30-year-old property in the greater L.A. area was recently acquired by Irvine-based Sares Regis Multifamily Value-Add Fund II from Henderson Global Investors. The transaction was arranged by Berkadia Managing Directors Adrienne Barr and Robin D. Ossenbeck of the company’s West Los Angeles office, and Senior Director Margie Molloy of the Inland Empire office. According to real estate research platform Yardi Matrix, the sale price was $45.15 million.
Known as Vista Pointe, the multifamily community is located at 1400 and 1420 ½ North Grand Ave in Covina. The property is currently operating at 5 percent vacancy. The asset has a total of 216 residences and offers a unit mix consisting of one- and two-bedroom apartments. Residents have access to an amenity package that includes two swimming pools, spas, two tennis courts, a business center, a fitness studio, barbecues, laundry rooms and 24-hour emergency maintenance.
The property’s location offers proximity to I-210 and I-10, as well as California State Route 57. The Plaza West Covina shopping center is in the vicinity, while the main employers in the area are Torrid, Azusa Pacific University, Sysco and Queen of the Valley Hospital. According to Yardi Matrix data, the average rent paid for an apartment at Vista Pointe is currently $1,658.