Waterstone Walnut Ridge Sells For $56M
An LA-based investor swooped in to buy Waterstone Walnut Ridge, a 312-unit apartment complex on the border of West Covina and Walnut, for $56M cash. Hendricks-Berkadia's Vince Norris and Dean Zander repped the seller, a private West Coastinvestment firm. The deal attracted more than 100 interested parties (some of whom were looking for St. Paddy's Day bashes but had bad directions)and over a dozen offers.The transaction was the largest in East LA County since ... well, since Dean and Vince sold the 392-unit Windsor at Victoria Heights in Rowland Heights last April.
Built in three phases between 1980 and 1983, the complex consists of 17 buildings on 15 acres, and is West Covina'ssecond-largest multifamily community. Occupancy has remained above 96% since 2007.