Search
 

Waterstone Walnut Ridge Fetches $56M

LOS ANGELES-A private West Coast investment firm sells the asset, which it purchased in 2005.

By Carrie Rossenfeld | Updated on March 07, 2013

LOS ANGELES-A private West Coast investment firm that purchased the property in 2005 has sold Waterstone Walnut Ridge, a 312-unit multifamily community located on the border of West Covina and Walnut here, for nearly $56 million. GlobeSt.com has learned that the buyer is an L.A-based private investor that has developed and owns more than 12,000 apartment units and 11 million square feet of commercial space throughout California.

The property was marketed by Dean Zander and Vince Norris of Hendricks-Berkadia as a 96-plus%-occupied turnkey property that had already been upgraded to a high standard and still had significant value-add opportunity. The second largest multifamily asset in the City of West Covina, “Walnut” was built in three phases between 1980 and 1983 and consists of 17 two-story buildings situated on more than 15 acres of land.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.