Rick Julian Of Advanced Real Estate Acquires The Cove At West Covina For $41M

The transaction involved a multi-family property located at 1829 East Workman Avenue in West Covina, with a sale price of $41 million. The asset comprises 138 units, resulting in a price per unit of $297,101.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $41,000,000
• Units: 138
• Price Per Unit: $297,101
• Buyer: Rick Julian - Advanced Real Estate
• Brokers: Shane Shafer - NorthMarq

Advanced Real Estate, represented by Rick Julian, acquired The Cove at West Covina, financing the purchase through a $21 million Freddie Mac loan. The firm plans to execute significant renovations and upgrades while utilizing its new Opportunity Fund to expand its holdings in Southern California.