Benedict Canyon Equities, a Westside-based real estate investment company, has purchased the two-story, 259-unit, 335,000-square-foot Lafayette Parc Apartments at 600-656 S. Glendora Ave. in West Covina for $74 million, or around $286,000 per unit, from Glendora Avenue Properties, a Beverly Hills-based limited-liability company.
The property was sold with a 4.5 percent cap rate, according to CoStar Group Inc.
The brokers on the deal were Robert Safai, Matt Case and Brad Schlaak of Madison Partners. The trio represented both sides in the deal.
The Lafayette Parc Apartments are located south of the 10 freeway, near the Plaza West Covina shopping mall.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.
For reprint and licensing requests for this article, CLICK HERE.