A local real estate investor has bought a 200-unit complex in West Covina for $80 million — almost double what it last traded for in 2016.
Ron Nasch, head of Los Angeles-based Fairmont Management Company, bought the complex at 1231 West Francisquito Avenue, according to a Tuesday announcement from CBRE, which brokered the sale.
Property records show the property was previously owned by entities linked to Benedict Canyon Equities, a multifamily investment firm based in Los Angeles. Benedict Canyon Equities did not respond to a request for comment.
Benedict Canyon Equities bought the property for $43 million in 2016 and then secured a $32.3 million loan from JPMorgan and US Bank, along with a $36.7 million loan from Freddie Mac, in 2018.
The complex, located on the eastern edge of Los Angeles County, was renovated in 2017, and includes a range of one-bedroom, two-bedroom and three-bedroom units, along with a swimming pool, spa, fitness center and barbeque areas.
Rents at the property currently range from $2,320 for a one-bedroom to $2,950 to a three-bedroom unit, according to the property’s website.
Nasch was “a 1031-exchange and owned apartments in the submarket,” according to CBRE’s Dean Zander, and took advantage of a fully renovated property.
In West Covina, Nasch’s firm owns a 251-complex at 851 South Sunset Avenue, dubbed Torrey Pines. The firm operates four other properties spread over Los Angeles and Orange counties — two in Anaheim, another in Fullerton and one in Glendale.
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