Zander explains that MG is familiar with the local West Covina market, was seeking an exchange property, has an existing relationship with the seller and had the capability of securing new debt. He notes that the buyer obtained new Freddie Mac debt with a five-year interest-only feature and a lifetime cap of 6.75%.
The Atrium at West Covina is at 1829-1841 East Workman Ave. and was 93% leased at the time of the sale. The seller was Palo Alto, CA-based PPC AVF III, an affiliate of Pacific Property Co. of Palo Alto.
The complex, situated on 4.7 acres just north of the 10 Freeway, features units ranging from one to three bedrooms and measuring from 830 square feet to 1,465 square feet. Zander, who brought the Atrium to market at an asking price of $20 million, tells GlobeSt.com that the purchase price "reflects a realistic adjustment in response to today's capital markets."
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