Legacy Partners unloads 209-unit apartment complex in West Covina for $92M

Clarion Partners builds residential portfolio with buy

Los Angeles /
May.May 12, 2022 04:36 PM
Legacy Partners' W. Dean Henry with The Verandas (Legacy Partners, The Verandas Apartments)
Legacy Partners’ W. Dean Henry with The Verandas (Legacy Partners, The Verandas Apartments)

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.





    Related Articles

    arrow_forward_ios
    houses with thunder and hourglass
    LA could get reprieve on looming state housing deadline
    LA could get reprieve on looming state housing deadline
    Optimus Properties co-founders Kamyar Shabani and K. Joseph Shabani with the property at 4256 W. 2nd Street in Koreatown (Optimus Properties LLC, RentCafe)
    Optimus Properties buys seven apartment buildings in core of LA
    Optimus Properties buys seven apartment buildings in core of LA
    Harry Gesner and Wave House (Getty, ImageLocations.com)
    Harry Gesner, designer of Malibu Wave House, dies at 97
    Harry Gesner, designer of Malibu Wave House, dies at 97
    G.H. Palmer Associates' Geoffrey Palmer with the Ferrante Development (Getty, G.H. Palmer Associates)
    Billionaire landlord Geoff Palmer to pay $12.5M for withheld security deposits
    Billionaire landlord Geoff Palmer to pay $12.5M for withheld security deposits
    From left: AXCS Capital's John Day and George Smith Partners' Steve Bram (AXCS, George Smith Partners, iStock)
    Tech focused AXCS Capital acquires veteran multifamily financier George Smith Partners
    Tech focused AXCS Capital acquires veteran multifamily financier George Smith Partners
    Harry Gesner (inset) and Ravenseye, one of the homes he designed. (File Photo and Getty)
    Iconic Los Angeles-area architect Herry Gesner dies at 97
    Iconic Los Angeles-area architect Herry Gesner dies at 97
    A photo illustration representing the increased sales tax on mansions (iStock)
    Measure to add tax on property sales over $5M set for November ballot
    Measure to add tax on property sales over $5M set for November ballot
    Silver Lake co-ceo's Greg Mondre and Egon Durban (Silver Lake, Wikipedia)
    Silver Lake invests $500M in Hollywood soundstages
    Silver Lake invests $500M in Hollywood soundstages
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...