MetLife Investment pays $172M for big West Covina resi complex

MetLife Investment Advisors has purchased a 450-unit apartment complex in West Covina, marking one of its largest residential purchases in the area in recent years, The Real Deal has learned.
The institutional investment giant paid $171.5 million for the five-story Colony at the Lakes complex at 301 S. Glendora Avenue, Los Angeles County records show.

The seller, UBS Group, owned the property through a real estate investment trust based at one of its offices in Hartford, Connecticut, according to records.

Homebuilding giant Lennar Corp. was involved in developing the complex. The parties paid $35.5 million for the development site in 2013.

The complex includes two parking garages totaling 961 spaces; there is 20,000 square feet of retail space. The units are one- and two-bedrooms, and amenities include a large courtyard, swimming pool and interior lounge areas.

The last major multifamily deal in West Covina was San Diego-based MG Properties Group’s $34 million purchase of the Atrium Apartments, a 138-complex, in October.

Benedict Canyon Equities and Goldrich & Kest both made plays there last year as well. Benedict Canyon picked up the Lafayette Parc Apartments, also on Glendora Avenue, and Goldrich nabbed the 182-unit Sunset Plaza apartments.