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.