The El Monte-based buyer has paid $2.3 million for the property. Known as Covina Village, the complex is located at 1139-43 E. Garvey Ave.
Both Nijer Realty and the seller, Pomona-based Testcher Molding Co., were represented by Douglas McCauley and Joseph Chavez of Marcus & Millichap's Ontario office.
Local investors continue to snatch up multifamily property, as it remains a stable investment during shaky economic times. Apartment rents show no sign of decreasing, as demand continues to outstrip supply. Average rents across the Southland should rise about 8% this year, according to a recent report by Grubb & Ellis.
The county's multifamily sector is expected to stay steady in the upcoming months, as there will continue to be a shortage of apartment product. Developers are expected to deliver about 4,600 apartments in the Los Angeles/Long Beach market this year, while LA's population is expected to grow by 82,000 in 2001.
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