An affiliate of Abacus Capital Group, a New York-based real estate investment firm, has purchased the Atrium Apartments, a two-story, 138-unit, 146,000-square-foot apartment complex at 1829 E. Workman Ave. in West Covina, for $33.9 million or nearly $245,700 per unit from MG Properties Group, a San Diego-based apartment owner and operator.
It’s the first Southern California purchase for the Abacus firm. The new ownership plans to make improvements to the property’s common areas.
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.
The property was built in 1962 and renovated in 2011, according to industry tracker CoStar Group Inc.
Dean Zander, Stewart Weston and John Montakab of CBRE Group Inc. represented both sides in the transaction.
“This is a significant value-add opportunity through the continuation of an enhanced interior and common-area renovation program and received a lot of attention from investors,” Weston said in a statement. “It translates into significant room for a new owner to realize an upside in future returns.”
MG Properties Group purchased the property in 2008 for $15 million, or nearly $109,000 per unit.
Real estate reporter Ciaran McEvoy can be reached at firstname.lastname@example.org or (323) 556-8337.