Description

Fernwood Terrace Apartments is 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 of 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.