Multifamily - Sale

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

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.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.