Goldrich & Kest expands LA portfolio with 182-unit West Covina complex
The seller, Waterton Associates, had acquired the five-building property in 2015
Goldrich & Kest Industries acquired a 182-unit residential complex in West Covina, expanding its portfolio in the Los Angeles region.
The Culver City-based real estate firm paid $44.8 million for the property from Chicago-based Waterton Associates.
The Sunset Plaza apartment complex, at 1234 W. Cameron Ave., is spread across five buildings, making the sale pencil out at $246,000 per unit. Waterton purchased the property in 2015 for $27.4 million. The complex was built in 1962 and renovated in 2006.
Shane Shafer of Berkadia brokered the deal, which the firm announced in a statement.
The complex has studio, and one- through three-bedroom units, and has a pool and fitness center.
About half of the 85 properties Goldrich & Kest owns nationwide are in the L.A. region. About three quarters are apartment developments. The firm was founded by Jona Goldrich, a Beverly Hills developer and philanthropist, who died in 2016.
Waterton’s L.A. footprint is much smaller. It owns four garden apartment complexes between Hollywood and the San Fernando Valley. Most of its portfolio is concentrated in its hometown.