Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Terramonte at Foothill, a 138-unit apartment property in Pomona, California. The asset sold for $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. “The property is poised for revenue gains from a comprehensive unit renovation program and common area upgrades,” added Christopher Zorbas, IPA executive director. 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,” noted Green.
The property is surrounded by universities, including California Polytechnic State University, Pomona, University of La Verne, Western University of Health Sciences, and The Claremont Colleges. The nearby Montclair TransCenter, Pomona Transit Center, and Pomona Metrolink Station provide residents with connectivity to employment centers in both Inland Empire and San Gabriel Valley.
Terramonte at Foothill is a 35-building garden-style property with a unit mix of studio-, one-, two- and three-bedroom units that average 910 square feet. Community amenities include two resort-style swimming pools, a picnic area, and laundry facilities.
