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Abacus Capital Group Acquires Apartment Complex In West Covina For $33.9M

1829 East Workman Avenue
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This Other property located in CA was sold for $33,900,000 over 5 years ago. The brokers of the deal were Stewart (Stew) Weston and Dean Zander

The Atrium Apartments, located at 1829 E Workman Ave in West Covina, LA, have been sold in a closed property transaction. The apartment complex, spread across a total area of 146,000 square feet, comprises 138 units. The property was bought for a total price of $33,900,000, with an average price per square foot of $232. The units themselves mostly consist of two- and three-bedroom layouts, averaging over 1,000 square feet each. The Atrium Apartments offer various amenities, including three swimming pools, a business and fitness center, as well as barbecue areas. Additionally, the property boasts easy access to the 10 freeway.

Summary of Transaction Details:

  • Property Type: Apartment complex
  • Transaction Amount: $33,900,000
  • Square Footage: 146,000 SF
  • Price per Square Foot: $232
  • Number of Units: 138
  • Price per Unit: $245,700
  • Market: West Covina
  • City: LA

The deal was facilitated by Dean Zander, Stewart Weston, and John Montakab from CBRE Group Inc., representing the buyer and seller in the transaction. Abacus Capital Group acted as the buyer, while MG Properties Group was the seller.

(Note: This information was sourced from LABJ.)

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Deals
  • Location
    1829 East Workman Avenue, West Covina, CA 91791, USA1829 East Workman Avenue, West Covina, CA 91791, USA
  • Sale Price
    $33,900,000$33,900,000
    $232 PPSF$232 PPSF
  • Area
    146,000 SF146,000 SF
  • Asset Type
    OtherOther
  • Parties
    2 Brokers, 1 Agency2 Brokers, 1 Agency

Agents

Stewart (Stew) Weston

Stewart (Stew) Weston

Deals22
Sold$1.8B

Dean Zander

Dean Zander

Deals25
Sold$1.9B

Agency

CBRE

CBRE

Agency
Deals4229
Volume$184.3B

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Deal Summary

SALE IMAGE: Mark Gleiberman and Ben Friedman DATE: 10/02/2018 ADDRESS: 1829 E Workman Ave MARKET: West Covina CITY: LA ASSET TYPE: Apartment complex PRICE: $33,900,000 SF: 146,000 PPSF: $232 UNITS: 138 PPU: $245,700 BROKERS: Dean Zander, Stewart Weston and John Montakab of CBRE Group Inc. BUYER: Abacus Capital Group SELLER: MG Properties Group NOTE: The property, mostly comprised of two- and three-bedroom units averaging more than 1,000 square feet each, contains three swimming pools, a business and fitness center as well as barbecue areas. The Atrium Apartments also have easy access to the 10 freeway. (LABJ)

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1829 East Workman Avenue

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