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IPA division sells 138-unit Terramonte at Foothill for $36.7 million
The $36.7 million price equates to $265,942 per unit, marking one of only four 100-plus unit, market-rate multifamily deals in Pomona over the past five years.
Institutional Property Advisors, a division of Marcus and Millichap, closed the sale of Terramonte at Foothill, a 138-unit multifamily property in Pomona, according to ConnectCRE.
ConnectCRE said the transaction was priced at $36.7 million, or $265,942 per unit. The outlet reported it is among a small number of 100-plus unit, market-rate multifamily transactions in Pomona over the past five years.
Kevin Green, an IPA executive director, said the deal is one of only four comparable transactions in Pomona during that period, highlighting how limited similar multifamily inventory has been. ConnectCRE also said IPA represented the seller, Positive Investments, and procured the buyer, Sack Capital Partners.
The property is located on Foothill Boulevard, also State Route 66, off State Route 210 near Interstate 10, with nearby transit including the Montclair TransCenter, Pomona Transit Center, and the Pomona-North Metrolink station, according to ConnectCRE.