Updated Nov 5, 2025
Rick Julian Of Advanced Real Estate Acquires The Cove At West Covina For $41M
1829 East Workman Avenue
$41,000,000
Units
138
Asset Type
MultiFamily
Closing
Nov 3, 2025
About this deal
AI
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.
On the Map
$41,000,000
MultiFamily
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Players
West Covina MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.39%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93