Institutional Property Advisors (IPA), a division of Marcus & Millichap, recently facilitated the sale of Terramonte at Foothill, a 138-unit apartment complex in Pomona. The property sold for $35.5 million, equating to $257,246 per unit.
According to IPA Executive Director Alexander Garcia Jr., Terramonte at Foothill was built on nine acres in 1963 and is situated in a highly occupied submarket with no planned new construction. “This prime location presents an excellent opportunity for revenue growth through comprehensive unit renovations and upgrades to common areas,” added Christopher Zorbas, also an IPA Executive Director.
The seller was represented by Garcia and Zorbas as well as Kevin Green, Joseph Grabiec and Greg Harris from IPA. Green noted that they were able to secure an all-cash transaction within just 15 days thanks to their access to a buyer participating in a 1031 exchange.
Terramonte at Foothill features garden-style buildings spread across its expansive grounds. Its proximity to universities makes it attractive for potential residents seeking convenient access while the nearby Montclair TransCenter,Pomona Transit Center,and Pomona Metrolink Station provide easy connectivity options for commuting professionals.
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