Institutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving the company’s institutional clients, closed the sale of Terramonte at Foothill, a 138-unit multifamily asset in Pomona. The $36.7-million sale price represents $265,942 per unit.
“The sale is one of only four 100-plus-unit, market-rate multifamily transactions to have occurred in Pomona over the past five years,” said Kevin Green IPA executive director. Green, Zorbas, Joseph Grabiec, Alexander Garcia Jr., and Greg Harris of IPA represented the seller, Positive Investments, and procured the buyer, Sack Capital Partners.
The property is located on Foothill Boulevard/State Route 66 off State Route 210, near Interstate 10. These freeways, and the nearby Montclair TransCenter, Pomona Transit Center, and Pomona-North Metrolink station give residents transportation options to employment centers in Los Angeles and throughout the Inland Empire. California State Polytechnic University, Pomona, the University of La Verne, Western University of Health Sciences, and the Claremont Colleges surround the property.
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