Pomona Multifamily Property Sells for $47 Million

The Olive Ridge complicated in Pomona consists of 220 models throughout 11 buildings.

Photograph by Christiaan Cruz

Associates of Harbor Group Worldwide have bought a 220-unit multifamily neighborhood in Pomona for almost $47 million. The Olive Ridge property was acquired from a personal vendor.

The complicated, which was in-built 1971, is positioned at 2261 Valley Blvd.

“The acquisition of Olive Ridge is indicative of HGI’s technique to accumulate property in dynamic markets which might be positioned for development,” Richard Litton, Harbor Group Worldwide’s president, stated in an announcement.

“Pomona’s distinctive location, centric to main employment hubs inside Southern California, paired with its proximity to a number of instructional establishments, make it a horny residing vacation spot,” he added.

The property has 11 buildings which might be every two tales tall, in accordance with CoStar Group Inc.

Optimistic Investments Inc. and Prime Healthcare Providers had beforehand bought the constructing in 2018 for $37 million.

Harbor Group Worldwide has a portfolio valued at $13.5 billion. It has 4.3 million sq. toes of business area and 48,000 multifamily models.

The Norfolk, Va.-based firm has an workplace in L.A., which opened in June 2018.
Its first L.A. funding after opening the workplace was Casa Actual in West Hollywood. In 2019, the corporate took a $3.25 million stake within the property, which was bought by an affiliate of Harmony Capital Companions Inc. for $17 million. Bell Diversified Growth Inc. offered the property.

The constructing, which has 60 models, was 87% leased on the time of the sale.

Harbor Group Worldwide has since bought a handful of different buildings in L.A., together with 10789 W. Pico Blvd., a property leased to Wells Fargo in West Los Angeles which it purchased for $11 million, and 357 N. Beverly Drive, a retail property in Beverly Hills.

Different Harbor Group holdings in L.A are a most well-liked fairness funding in Amber Ridge; a 147-unit residence constructing in La Verne that HGI bought with Silver Star Actual Property in 2020 for $49.7 million; a most well-liked fairness funding on Silicon Seashore Reside; and Cobalt in Culver Metropolis, which tapped right into a senior bridge mortgage from HGI.

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