Covina Apartments Trade on In-Place Cash Flow, Rental Upside

Marcus & Millichap has closed the sale of Vincent Village, a 40-unit apartment property located at 4810 N. Vincent Ave. in Covina. The property sold for $8.2 million, or $205,000 per unit, at a 5.9% cap rate with approximately 29% rental upside..

“The property was located in unincorporated Los Angeles County where annual rent increases are limited to 60% of the Consumer Price Index, which created a challenge,” said Douglas McCauley, senior managing director investments. “However, the property’s strong in-place cash flow, rental upside and the potential to construct multiple accessory dwelling units created significant buyer interest as we generated more than 10 offers for this asset.”

McCauley and David Covarrubias, managing director investments, both in Marcus & Millichap’s Inland Empire office, marketed the property on behalf of the seller, Vincent Village Venture LLC. They also procured the buyer, DIBA LLC

The 26,969-square-foot property was built in 1984 and is well-positioned in the San Gabriel Valley. The property features 38 two-bedroom, one-bathroom units and two non-conforming studio units. It was recently featured on ApartmentBuildings.com.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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