California

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 …

SAN JOSE, CALIF. — Marcus & Millichap has brokered the sale of Atrium Garden in San Jose for $18.5 million. Neither the buyer’s nor the seller’s identity was disclosed. The 160-unit property offers furnished studio units aimed at short-term rentals for tech-industry workers. Constructed in 2000, Atrium Garden is a four-story building with 159 studios and a one-bedroom manager’s apartment. Studios are furnished with a bed, bedside table and lamp, a lounge chair, a built-in desk and chair, a television, microwave, mini-refrigerator and a stove or hotplate. Amenities include a …

RENO, NEV. — Marcus & Millichap has arranged the sale of the Kromer Portfolio made up of three metro Reno properties. The properties are Village of the Pines, a 272-unit asset completed in 1974; Sand Pebble-Spanish Oaks, a 448-unit property constructed in 1983; and the 328-unit Lakeview, built in 1979. Ken Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap’s Reno office represented the buyer, Hamilton Zanze. The seller was Kromer Investments. Village of the Pines spans approximately 10 acres and offers one-, two- and three-bedroom units with a …

SACRAMENTO — Newmark has arranged the sale of Rivergate Apartments, a 126-unit property at 900 Simon Terrace in West Sacramento. Newmark Managing Director Will Blucher and Associate Wills Vlasek represented the seller, McCarty Sacramento Property LLC, in the disposition to a private buyer, IMG II, LLC. Rivergate is approximately 3 miles from Sacramento’s Central Business District and offers 72 one- and 54 two-bedroom floor plans across 10 two-story buildings on a 3.6-acre parcel. Amenities include a gated pool, a standalone leasing office, common area laundry facilities and interior courtyards.

CASTRO VALLEY AND REDWOOD CITY, CALIF. — The Levin Johnston team of Marcus & Millichap has arranged the $24.4 million sale of two California assets. Park Tower Townhomes & Apartments, a 52-unit community in Castro Valley, and 280 Howland St., an 18-unit property in Redwood City, represented the upleg of a 1031 exchange completed by an undisclosed buyer who disposed of three other properties to complete the transaction. The deal was arranged by Robert Johnston, Adam Levin and Jessica Tomasetti.

MODESTO, CALIF. — The Mogharebi Group has brokered the $34.6 million sale of Willow Grove Apartments in Modesto. The seller was a privately held real estate investment firm based in Northern California that had owned the property since 2017. The buyer was a high net worth private family also based in Northern California. Built in 1990, Willow Grove Apartments comprises 18 two- and three-story buildings offering one- and two-bedroom floor plans ranging from 700 to 900 square feet. Amenities include a resort-style pool and a fitness center.