WEST COVINA, CALIF. — Advanced Real Estate has acquired the 138-unit Cove at West Covina for $41 million. The asset was acquired as the first purchase with Advanced’s new opportunity fund. The property features two pools with cabanas, a fitness center, fire pits, garages and an open landscaped area. Advanced plans to complete renovations and upgrades at the property, including the addition of in-unit washers and dryers, new cabinetry, flooring, fixtures, appliances, windows and new paint. These projects will be completed by R3 Construction, which is Advanced Real Estate’s in-house construction company. As part of the sale, Advanced assumed a $21 million Freddie Mac loan with a 4.8 percent fixed interest and full-term interest-only payments. The sale was brokered by Shane Shafer of Colliers. The seller was not disclosed.
Irvine, Calif.-based Advanced Real Estate has acquired Cove at West Covina in the Los Angeles metro area and is planning upgrades to the property.
Advanced Real Estate Buys L.A. County Asset for $41 Million
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