February 14, 2017
Monterey Station, a 349-unit, transit-oriented, mixed-use loft development in Pomona, CA, sold for nearly $85 million, a record for the market. Los Angeles-based Clear Capital acquired the asset from the original developer, Newport Beach, CA-based Realm Real Estate, an affiliated joint-venture of The Bascom Group.
The apartment community consists of two U-shaped, four-story residential buildings on nearly seven acres, directly across from the Pomona Metro Station and adjacent to the Western University of Health Sciences. The property was built in 2014, and offers a mix of studio, one, and two-bedroom units, plus 38 live-work apartments in 17 floorplans.
The private investment group buyer completed a 1031 exchange. It plans to perform minor upgrades to the interiors and increase rents as units turn, plus increase some of the common area amenity space.
Berkadia’s Dean Zander, Joe Leon and Jeff Rowerdink facilitated the sale.
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