Investment Overview

Marcus & Millichap is pleased to offer Fernwood Terrace Apartments, a 30-unit garden-style apartment community (29 legal units) in the middle of The San Gabriel Valley City of West Covina. Built in 1963, the property has been gradually undergoing a complete exterior and interior renovation for the past 3 years. Currently the last couple units are being finished at this time. The interior renovations at Fernwood Terrace feature best-in-class finish levels: fully appointed kitchens with quartz countertops, new doors, white shaker style cabinetry, wood plant-style vinyl flooring, stainless steel appliances, dishwashers, built-in microwaves, custom paint, all new blinds, and interior hardware (24 of 30 units have been completed). The units themselves are very spacious, most being between 1,000 to 1,300 sq. ft. Upper units have decks and lower units have large oversized yards. There are 43 parking spaces and the lot is 1.19 acres. Several of the units have new washer dryer units that have been installed during the renovation and there is a common laundry room as well. Exterior renovation includes all new paint, all new concrete hardscape, all new contemporary landscaping, all new asphalt, all new pool, pool deck, and pool furniture, new gating, and new exterior doors. It should be noted here that Fernwood Terrace has undergone a 3-year renovation period that is just now coming to an end, thus the financials will reflect this effort as it relates to both expenses and occupancy. Both the income and expenses in this brochure reflect what I believe will represent the operations of Fernwood Terrace as a stabilized property. West Covina is located 19 miles east of downtown Los Angeles off the 10 freeway. The property is 5 minutes off the freeway and large retail centers with many big box retailers are located minutes from the property. The property is surrounded to the east by a relatively new home sub-division and to the west by WEST COVINA HIGH SCHOOL. As far as work force housing there Is not a better area in the State of Calif. This area is known as JOB HEAVEN to people in the San Gabriel Valley.