(CHICAGO) July 27, 2015 – Waterton, a U.S. real estate investor and operator, today announced the acquisition of Sunset Plaza, a 183-unit rental community in Southern California’s San Gabriel Valley.
Located in West Covina, approximately 20 miles east of downtown Los Angeles, the five-building community includes a mix of studio, one-, two- and three-bedroom apartments with spacious condo- and townhome-style floor plans. On-site amenities include two outdoor pools, a fully equipped fitness center, resident clubhouse with business center, and a children’s playroom.
Sunset Plaza is the fifth property acquired by Waterton so far in 2015, and expands the firm’s Southern California portfolio to six communities comprising nearly 1,400 units.
“We are actively scouting investment opportunities throughout Southern California, and the lack of multifamily development in and around West Covina over the past decade, along with projected population growth in the area, made this off-market transaction especially attractive,” said Mark Stern, senior vice president of acquisitions at Waterton Associates. “As a bedroom community, West Covina’s housing stock consists primarily of single-family homes, so we see pent-up demand for rentals.”
As with many of the properties it acquires, Waterton plans to implement a value-add renovation program that will update individual units and amenity spaces, plus refresh the community’s exterior.
“By making strategic capital improvements, we believe we can provide a modern, more affordable alternative to some of the newer vintage properties in the submarket and, in doing so, boost the long-term value of the property,” said Stern.
In addition to offering convenient access to Interstates 10 and 605, Sunset Plaza also benefits from its proximity to several schools and major shopping and employment centers. The community is a half-mile from Plaza West Covina, a regional mall with more than 200 shops and restaurants, and within walking distance of Queen of the Valley Hospital, West Covina’s largest employer.
For leasing information, call (877) 725-6184 or visit www.sunsetplazaapts.com.
Waterton Associates LLC is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995 by David Schwartz and Peter Vilim, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton manages its investments through wholly owned property management subsidiaries Waterton Residential and Ultima Hospitality.
Waterton has a proven expertise in selecting and managing attractive risk-adjusted real estate investments located in major markets around the United States. Since its formation, the company has invested over $5.3 billion in assets. Waterton is privately held by its co-founders and is headquartered in Chicago with seven regional offices throughout the United States. Currently, Waterton’s portfolio includes over $3.8 billion in assets, including 18,000 multifamily units and 13 hotels. For more information, please visit www.watertonassociates.com.