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
    Intracorp SoCal president Prad Perozzi and IHP Capital Partners ceo and chairman Douglas Neff with a rendering of the project at 2607 S. Santa Anita Avenue in Arcadia (IHP Capital Partners, LinkedIn)
    Joint venture plans 33 single family homes in San Gabriel Valley
    Joint venture plans 33 single family homes in San Gabriel Valley
    Hankey's Don Hankey with 1410 Tanager Way (Hankey Capital, Williams & Williams Estates Group)
    Hankey follows The One with another luxe listing
    Hankey follows The One with another luxe listing
    Former Los Angeles mayoral candidate Ramit Varma iStock, votevarma.com)
    Ramit Varma exits mayoral race, endorses Caruso
    Ramit Varma exits mayoral race, endorses Caruso
    Whittier Mayor Kimberly Cobos-Cawthorne with layout of Montebello-Commerce Metrolink Statio tiny home village (Facebook, City of Montebello)
    Whittier opens village of tiny homes for homeless residents
    Whittier opens village of tiny homes for homeless residents
    From left: Mayoral candidates Rick Caruso, Karen Bass and Kevin de León (Getty Images, iStock)
    Feuer exits mayoral race, backs Bass
    Feuer exits mayoral race, backs Bass
    Link Logistics' Luke Petherbridge with 5200 Sheila Street (Link Logistics, iStock)
    Aerospace outfit leases 115K sf warehouse in Commerce
    Aerospace outfit leases 115K sf warehouse in Commerce
    Candidate Rick Caruso, Councilman Joe Buscaino and Los Angeles City Hall (Rick Caruso, Joe Buscaino, iStock, Illustration by Kevin Cifuentes for The Real Deal)
    City Councilman exits race, endorses Caruso for LA mayor
    City Councilman exits race, endorses Caruso for LA mayor
    Mayor Eric Garcetti (Wikipedia, iStock)
    City of LA approves settlement to spend $3B to house the homeless
    City of LA approves settlement to spend $3B to house the homeless
    arrow_forward_ios

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

    Loading...