POMONA, CA – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has brokered the sale of Pine Club Apartment Homes (top left photo), a 172,108-gross square foot, 220-unit multifamily property in Pomona. The sales price was not disclosed.Greg Harris, an executive vice president investments, and Kevin Green, an IPA associate director, represented the sellers, MHE Real Estate and Sussex Capital Group. Harris and Green also represented the buyer, a private investor. IPA is a division of Marcus & Millichap Real Estate Investment Services.
“This was an off-market transaction,” says Harris. “The property was acquired as a value-add opportunity with upside via a renovation plan and aggressive management.”
Pine Club Apartment Homes was built in 1971 on 7.7 acres at 2261 Valley Blvd.
The unit mix is 28 studio/one-bath units, 152 one-bedroom apartments and 40 two-bedroom/one-bath units.
Pomona is 35 miles west of downtown Los Angeles and is Los Angeles County’s fifth-largest city.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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