1031 Buyer Pays $35M for Pomona Apartments
Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the sale of Terramonte at Foothill, a 138-unit apartment property in Pomona. The sale price was $35.5 million, or $257,246 per unit.
“Constructed in 1963 on nine acres, Terramonte at Foothill is located in a highly occupied submarket with no new construction planned,” said Alexander Garcia Jr., IPA executive director.
Added Christopher Zorbas, IPA executive director, “The property is poised for revenue gains from a comprehensive unit renovation program and common area upgrades.”
Garcia, Zorbas and IPA’s Kevin Green, Joseph Grabiec and Greg Harris represented the seller and procured the buyer. “We accessed a 1031-exchange buyer and closed the all-cash transaction in 15 days,” said Green.
Terramonte at Foothill is a 35-building garden-style property. It’s surrounded by universities, while the nearby Montclair TransCenter, Pomona Transit Center and Pomona Metrolink Station provide residents with connectivity to employment centers.