WEST COVINA, CALIF. — Institutional Property Advisors (IPA) has arranged the sale of South Hills Apartments, an 85-unit property in West Covina for $38.3 million. The seller was NextGen Properties Group, which 1031 exchanged the proceeds to buy Alivia Apartments in Whittier, California. HFH Ltd, also a 1031 exchange investor, was the buyer.
IPA’s Kevin Green, Joseph Grabiec and Greg Harris as well as Marcus & Millichap’s Tyler Leeson, Mathew Kipp and Nick Kazemi represented the seller and secured the buyer. South Hills Apartments was built in 1966 on approximately 5 acres. The gated-access community includes amenities such as a pool and spa, a fitness center and an outdoor kitchen with grills. Individual units include washers and dryers and a patio or balcony.