Press Releases
Marcus & Millichap Facilitates the Sale of Fernwood Terrace Apartments, a 30-Unit Multifamily Property in West Covina, California
May 12, 2025
WEST COVINA, Calif., May 12, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Fernwood Terrace Apartments, a 30-unit apartment property located in West Covina, California. The asset sold for $9,500,000.
“Collaborating with another apartment team at Marcus & Millichap, our teams utilized our vast network of qualified principals to quickly garner interest,” shared Tyler Leeson, executive managing director investments in Marcus & Millichap’s Orange County office. “Ultimately, we sourced a trusted client we have successfully closed with previously. Our client offered with favorable terms including a short seven-day due diligence period and no financing contingencies. We worked close with both the buyer and seller to ensure a timely closing that aligned with the buyer’s downleg timetable.” Gordon Reese, senior vice president investments in the firm’s Orange County office, had the exclusive listing to market the property on behalf of the seller, Fernwood Terrace Apartments, LLC. The buyer, a private investor, was procured by Tyler Leeson of Marcus & Millichap’s Orange County office and Drew Holden of Marcus & Millichap’s Las Vegas office.
Fernwood Terrace Apartments is located at 712 South Fernwood Street in West Covina, California, and offers an attractive unit mix of studios, one-bedroom, two-bedroom and three-bedroom floor plans with controlled access, a swimming pool and on-site laundry. 24 of the 30 units have been fully redone, while a full exterior renovation has been completed over the past three years. Encompassing 1.19 acres, the corner lot provides 43 parking spaces with close proximity to Plaza West Covina, The Lakes Mall, West Covina Village, Eastland Center and South Hills Plaza. The property is adjacent to West Covina High School and is walking distance to Cameron Park and Cameron Elementary School and a 30-minute drive from job centers in Orange and Los Angeles counties.
“Collaborating with another apartment team at Marcus & Millichap, our teams utilized our vast network of qualified principals to quickly garner interest,” shared Tyler Leeson, executive managing director investments in Marcus & Millichap’s Orange County office. “Ultimately, we sourced a trusted client we have successfully closed with previously. Our client offered with favorable terms including a short seven-day due diligence period and no financing contingencies. We worked close with both the buyer and seller to ensure a timely closing that aligned with the buyer’s downleg timetable.” Gordon Reese, senior vice president investments in the firm’s Orange County office, had the exclusive listing to market the property on behalf of the seller, Fernwood Terrace Apartments, LLC. The buyer, a private investor, was procured by Tyler Leeson of Marcus & Millichap’s Orange County office and Drew Holden of Marcus & Millichap’s Las Vegas office.
Fernwood Terrace Apartments is located at 712 South Fernwood Street in West Covina, California, and offers an attractive unit mix of studios, one-bedroom, two-bedroom and three-bedroom floor plans with controlled access, a swimming pool and on-site laundry. 24 of the 30 units have been fully redone, while a full exterior renovation has been completed over the past three years. Encompassing 1.19 acres, the corner lot provides 43 parking spaces with close proximity to Plaza West Covina, The Lakes Mall, West Covina Village, Eastland Center and South Hills Plaza. The property is adjacent to West Covina High School and is walking distance to Cameron Park and Cameron Elementary School and a 30-minute drive from job centers in Orange and Los Angeles counties.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
