Waterstone Walnut Ridge Sells For $56M

An LA-based investor swooped in to buy Waterstone Walnut Ridge, a 312-unit apartment complex on the border of West Covina and Walnut, for $56M cash. Hendricks-Berkadia's Vince Norris and Dean Zander repped the seller, a private West Coastinvestment firm. The deal attracted more than 100 interested parties (some of whom were looking for St. Paddy's Day bashes but had bad directions)and over a dozen offers.The transaction was the largest in East LA County since ... well, since Dean and Vince sold the 392-unit Windsor at Victoria Heights in Rowland Heights last April.