A local apartment investment firm headed by a Taiwanese-American real estate investor has acquired the 232-unit Club Pacifica Apartments in Covina for $16.05 million.
Title records indicate that San Diego’s Pacific Scene Partnerships sold the property to a limited liability company called Prince Club Pacifica Property LLC, headed by Rancho Cucamonga-based investor Chien-Te Wu’s Tone Yee Investments & Developments/Prince Properties Corp.
Title records also show that the buyer financed the acquisition with an $11.235 million mortgage from Sumitomo Bank of California.
An on-site agent said rents range from $750 for a one-bedroom unit to $930 for a two-bedroom, two-bath apartment. Only four units are vacant.