Institutional Property Advisors Exclusively Offers San Gabriel Valley Multifamily Asset for Sale
June 21, 2024
COVINA, Calif., June 21, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the exclusive listing for sale of Pacific Trails Apartments, an 84-unit apartment property located in Covina, California. The price is open bid.
“Located close to entertainment and shopping along Arrow Highway and Azusa Avenue, Pacific Trails Apartments has benefitted from numerous recent improvements and remains an excellent candidate for additional value enhancing renovations to optimize operations and increase value,” said Alexander Garcia, Jr., IPA executive director. Garcia and IPA’s Kyle Pinkalla and Chris Zorbas are representing the seller, a private party.
The property is located off Arrow Highway, close to State Route 66, near Interstates 10, 210, and 605. The Covina and Baldwin Park Metrolink stations are nearby and major Inland Empire employers, including Southern California Edison, California State Polytechnic, Pomona, and City of Hope Medical Center are within 20 miles. Within a five-mile radius, the population is over 354,000 and average annual household income is more than $113,000.
Built in 1977 and renovated in 2014, Pacific Trails Apartments is a gated, nine-building property that has received unit upgrades and improvements to the swimming pool and spa, barbecue grills, fire pit, and courtyard seating. The unit mix is studios and one- and two-bedroom apartments. All units have patios or balconies, high ceilings, new cabinetry, carpeting, and vinyl-wood plank flooring. The average unit size is 701 square feet.
“Located close to entertainment and shopping along Arrow Highway and Azusa Avenue, Pacific Trails Apartments has benefitted from numerous recent improvements and remains an excellent candidate for additional value enhancing renovations to optimize operations and increase value,” said Alexander Garcia, Jr., IPA executive director. Garcia and IPA’s Kyle Pinkalla and Chris Zorbas are representing the seller, a private party.
The property is located off Arrow Highway, close to State Route 66, near Interstates 10, 210, and 605. The Covina and Baldwin Park Metrolink stations are nearby and major Inland Empire employers, including Southern California Edison, California State Polytechnic, Pomona, and City of Hope Medical Center are within 20 miles. Within a five-mile radius, the population is over 354,000 and average annual household income is more than $113,000.
Built in 1977 and renovated in 2014, Pacific Trails Apartments is a gated, nine-building property that has received unit upgrades and improvements to the swimming pool and spa, barbecue grills, fire pit, and courtyard seating. The unit mix is studios and one- and two-bedroom apartments. All units have patios or balconies, high ceilings, new cabinetry, carpeting, and vinyl-wood plank flooring. The average unit size is 701 square feet.
# # #
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.