Northmarq recently closed the $40 million sale of Sunset Square, a 140-unit multifamily property situated at 745 N. Sunset Ave. in West Covina. The four-building complex, originally constructed in 1964 and renovated in 2015, was sold by the seller with representation from Shane Shafer, managing director of Northmarq’s Irvine Multifamily Investment Sales team.
According to Shafer, this transaction highlights the robust demand for investment opportunities within the thriving Los Angeles market. He also noted that West Covina serves as an excellent example of how suburban areas within Los Angeles County offer attractive prospects for investors seeking consistent returns.
Sunset Square boasts a prime location just minutes away from Kaiser Permanent Baldwin Park Medical Center and prestigious universities such as Azusa Pacific University and New Western University. The property features one-, two-, and three-bedroom floor plans complete with modern interiors including quartz countertops and energy-efficient appliances. Residents can also enjoy various amenities such as a swimming pool, fitness center, and outdoor lounge areas.
This multifamily sale exemplifies steady returns in suburban markets
Northmarq successfully completed the $40 million transaction for Sunset Square – a premier multifamily property located at 745 N.Sunset Ave.in West Covina.The four-building complex underwent renovations backin2015andwasoriginallybuiltin1964.Northmarq’s Irvine Multifamily Investment Sales team was led by managing director Shane Shafer who representedthe seller.
Shafer commented on this deal stating that it showcases strong investor interest within Greater Los Angeles’ flourishing real estate market.WestCovina is an ideal exampleofhowthesuburbanareaswithinLosAngelesCountyareprovidinglucrativeopportunitiesforinvestorsseekingconsistentreturns.
SunsetSquareisconvenientlysituatedjustminutesawayfromKaiserPermanentBaldwinParkMedicalCenteraswellasprestigiousuniversitiessuchasAzusaPacificUniversityandNewWesternUniversity.Thepropertyoffersone-,two-,andthree-bedroomfloorplanswithmoderninteriorsincludingquartzcountertopsandalsofeaturesenergy-efficientappliances.Residentscanenjoyvariousamenitiessuchasaswimmingpool,fitnesscenter,andoutdoorloungeareas.
