Vincent Village, a mid-1980s vintage apartment community in Covina, has been sold in an investment transaction brokered by Marcus & Millichap. The 40-unit property, located at 4810 N. Vincent Ave., traded for $8.2 million. The sale pricing equates to $205,000 per unit and reflects a 5.9% capitalization rate based on the asset’s current income.
The property is situated in unincorporated Los Angeles County, where annual rent increases are capped at 60% of the Consumer Price Index. According to Marcus & Millichap senior managing director investments Douglas McCauley, these regulatory limits posed a challenge for underwriting future rent growth. Despite this constraint, investors were drawn to the in-place cash flow and the potential to enhance revenue over time.
McCauley noted that the combination of strong existing income, identified rental upside and the opportunity to add multiple accessory dwelling units appealed to prospective buyers. The marketing campaign generated more than 10 offers, indicating broad interest in the asset under current market conditions. Marcus & Millichap marketed the property on behalf of the seller, Vincent Village Venture LLC, and also sourced the purchaser, DIBA LLC.
The apartment community encompasses 26,969 square feet and was built in 1984. The unit mix consists of 38 two-bedroom, one-bathroom apartments and two non-conforming studio units. Positioned in the San Gabriel Valley, Vincent Village offers a suburban infill location within commuting distance of regional employment centers. Its configuration and vintage place it squarely within the traditional garden-style multifamily segment.
The transaction highlights how stabilized cash flow and clear value-add levers, such as achievable rent increases within regulatory limits and potential accessory dwelling unit construction, can support pricing for older multifamily stock. It also underscores the continued role of private capital in targeting smaller, well-located properties in established Southern California submarkets.
Marcus & Millichap’s Inland Empire office professionals McCauley and managing director investments David Covarrubias led the assignment. In addition to arranging the marketing process for the seller, they were responsible for securing the buyer, aligning both sides of the transaction under a single brokerage team. The property was also recently featured on ApartmentBuildings.com, adding to its exposure among multifamily investors ahead of the sale.
