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

Property Image
SOLD
$41,000,000

California

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MultiFamily
Sold 11/03/2025
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Property Image
SOLD

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

1829 East Workman Avenue

See Similar Deals
MultiFamily
Sold 11/03/2025
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

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.

Players

Shane Shafer
Colliers
Shane Shafer
14 deals$814.3M volume(949) 724-5527
BROKER
NorthMarq
NorthMarq
BROKERAGE
AE
Advanced Real Estate
BUYER
AE
Advanced Real Estate
BUYER

Details

SOLD
IMAGE: Rick Julian & Shane Shafer DATE: 11/03/2025 ADDRESS: 1829 East Workman Avenue MARKET: West Covina ASSET TYPE: MultiFamily BUYER: Rick Julian - Advanced Real Estate BROKERS: Shane Shafer (@TheShaferShow) - NorthMarq (@NorthMarq) SALE PRICE: $41,000,000 UNITS: 138 ~ PPU: $297,101 NOTE: Advanced Real Estate acquired The Cove at West Covina for $41 million, adding to its extensive Southern California portfolio, with plans for significant renovations and upgrades. The purchase was financed through a $21 million Freddie Mac loan, and the firm aims to expand its Southern California holdings via its new Opportunity Fund, leveraging a tax-efficient structure for its investor network.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$145,664.35
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