Rental housing giant Legacy Partners unloaded The Verandas, a 209-apartment compound in West Covina about 20 miles east of Downtown Los Angeles in a $92 million deal, according to property records.
The buyer was Los Angeles-based Clarion Partners. The price came to more than $4,401 per apartment or $482 per square foot.
For Clarion, the deal beefs up its residential portfolio. According to its website, about 53 percent of Clarion’s portfolio is tied up in industrial, residential accounts for 19 percent and office properties make up 13 percent.
Legacy won’t be leaving West Covina altogether. It owns The Colony at the Lakes apartments, a complex of 450 units.
The last sale for The Colony was 2019, when Foster City-base Legacy acquired the property for $171 million.