WEST COVINA, CALIF. — Advanced Real Estate has acquired The Cove at West Covina, an apartment property located at 1829 E. Workman Ave. in West Covina, for $41 million. The buyer assumed a $21 million Freddie Mac loan with a fixed interest rate of 4.75 percent and full-term interest-only payments. Additional terms of the transaction were not released.
The gated community features 138 apartments, two polos with cabanas, a fitness center, fire pits, garages and a large open landscaped area. Advanced plans to upgrade the property with the addition of in-unit washers and dryers, new cabinetry, flooring, fixtures, appliances, windows and a modern paint scheme. Advance’s in-house construction company, R3 Construction, and in-house management company, Advanced Management Co., will complete the upgrades.
Shane Shafer, previously of Northmarq and now with Colliers, brokered the deal.