Local investor picks up 200-unit complex in West Covina

Ron Nasch’s Fairmount Management adds to multifamily holdings in suburban markets

1231 West Francisquito Avenue and Ron Nasch (Google Maps, LinkedIn)
1231 West Francisquito Avenue and Ron Nasch (Google Maps, LinkedIn)

A local real estate investor has bought a 200-unit complex in West Covina for $80 million — almost double what it last traded for in 2016.

Ron Nasch, head of Los Angeles-based Fairmont Management Company, bought the complex at 1231 West Francisquito Avenue, according to a Tuesday announcement from CBRE, which brokered the sale.

Property records show the property was previously owned by entities linked to Benedict Canyon Equities, a multifamily investment firm based in Los Angeles. Benedict Canyon Equities did not respond to a request for comment.

Benedict Canyon Equities bought the property for $43 million in 2016 and then secured a $32.3 million loan from JPMorgan and US Bank, along with a $36.7 million loan from Freddie Mac, in 2018.

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The complex, located on the eastern edge of Los Angeles County, was renovated in 2017, and includes a range of one-bedroom, two-bedroom and three-bedroom units, along with a swimming pool, spa, fitness center and barbeque areas.

Rents at the property currently range from $2,320 for a one-bedroom to $2,950 to a three-bedroom unit, according to the property’s website.

Nasch was “a 1031-exchange and owned apartments in the submarket,” according to CBRE’s Dean Zander, and took advantage of a fully renovated property.

In West Covina, Nasch’s firm owns a 251-complex at 851 South Sunset Avenue, dubbed Torrey Pines. The firm operates four other properties spread over Los Angeles and Orange counties — two in Anaheim, another in Fullerton and one in Glendale.

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