Goldrich & Kest expands LA portfolio with 182-unit West Covina complex

The seller, Waterton Associates, had acquired the five-building property in 2015

Mar.March 26, 2018 05:00 PM
Sunset Plaza apartments in West Covina

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.

Related Articles

Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project