West Covina Gardens renovation and 12-unit ADU expansion underway

Renovations and work to add 12 accessory dwelling units are underway at West Covina Gardens, a 28-unit apartment community in West Covina, California, according to Foss Real Estate Partners. The firm expects the work to be completed around summer 2028.

Audrey Wiczer, Foss's marketing manager, confirmed the project status in a September 8 email to CRE News Today. She said ADU permitting was complete when the property's $8 million bridge financing closed on July 21, and described the work now underway as renovations and ADU conversions.

In an October 13 follow-up, Wiczer said the work remained underway and the summer 2028 completion estimate was still accurate to the best of the firm's knowledge.

The financing supports improvements to the existing apartments and the additional units at 731 North Azusa Avenue. Adding the 12 planned ADUs would bring the community to 40 units.

According to Foss's transaction announcement, the firm arranged the loan at 80% of project cost, with a fixed interest rate of 8.99%. The financing is nonrecourse and requires interest-only payments throughout its term. Foss said it placed the loan with a debt fund experienced in California multifamily properties and ADU projects; the announcement did not identify the lender or disclose the loan's duration.

Wiczer confirmed that the transaction details Foss initially supplied in July remained accurate as of September 8. The firm said it worked with the project sponsor from underwriting through closing, including structuring the financing, negotiating with lenders and coordinating due diligence.

Foss reported that the property occupies 0.77 acres and contains 22,428 square feet of existing space. The planned additions would increase that figure to 29,757 square feet.