Advanced Real Estate has acquired The Cove at West Covina, a 138-unit Southern California apartment community, for $41 million.
Formerly known as Langdon Park, the gated property offers a mix of units ranging from studio to three-bedroom configurations. The property’s amenities include two pools with cabanas, a fitness center, firepits, garages and a large, open landscaped area.
Advanced plans to make significant renovations and upgrades to the property, including the addition of in-unit washers and dryers, new cabinetry, flooring, fixtures, appliances, windows and a modern paint scheme. These upgrades will be completed by R3 Construction (Advanced’s in-house construction company) and Advanced Management Company (its in-house property management company).
This is the first purchase for Advanced’s new Opportunity Fund (Advanced Fund 24-3). The company plans to make more Southern California apartment acquisitions in the coming year.
“West Covina has been a historically strong rental market with abundant retail and employment and very little new competing supply,” said Paul Julian, president of Advanced. “The last significant new multifamily development was completed over 12 years ago. We see great value in this type of low-density product in the San Gabriel Valley.”
