NorthMarq’s Newport Beach office arranges the $46.8 million sale of 220 units in Pomona, California

The Olive Ridge Resort

Investment Sales - Multifamily

Multi-Tenant

NEWPORT BEACH, CALIFORNIA (July 7, 2021) – NorthMarq’s Shane Shafer, managing director, and Quinn Breslin, associate – Newport Beach, completed the $46.8 million sale of The Olive Ridge Resort in Pomona, California. The apartment complex, located at 2261 Valley Blvd. in Pomona, contains 220 units and is less than a mile from the I-10, CA-57, and CA-71 intersection, providing quick access to multiple job markets.

“The buyer recognized the outstanding location of the asset and the market fundamentals of the area defined by growth,” said Shafer. “These gateway cities are thriving and are in big demand by investors.”

“The purchase of Olive Ridge is indicative of HGI’s strategy to acquire assets in dynamic markets that are positioned for growth,” said Richard Litton, President, HGI. “Pomona’s unique location, centric to major employment hubs within Southern California, paired with its proximity to several educational institutions, make it an attractive living destination.”

The eleven-building property was constructed in 1971 and features a mix of studios and one- and two-bedroom units. Amenities include a fitness center, tennis and volleyball court, swimming pool and spa, business center, barbeque grilling stations, a junior soccer field and on-site laundry facilities.

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About Northmarq

Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.