CBRE Announces Sale of Apartment Property Monterey Station in Pomona, Calif. to Standard Communities and Faring for $130 Million
13 Dec 2021
Deal received offers from private capital, institutional investors and funds
CBRE announced the sale of 349-unit Monterey Station, an apartment complex in Pomona, Calif., to Standard Communities and Faring, a leading national investor and developer of affordable and workforce housing, for $130 million.
CBRE’s Dean Zander and Stewart Weston represented the seller, Clear Capital.
Located at 120-180 East Monterey Avenue, Monterey Station is a transport-oriented development in proximity to the increasing employment opportunities in the Inland Empire. It is comprised of 14 different floor plans. Unit amenities include stainless-steel GE appliances, NEST thermostats, walk-in closets, stackable washer and dryer, 9-foot ceilings and central air and heating. Common-use features include a resort-style pool and spa, fitness center with outdoor workout area, water and fire features, courtyards with cabanas, dog run, and a resident clubhouse.
The community includes 38 live-work units, allowing for commercial uses while catering to the work-from-home or hybrid work model.
"Due to the size, age, location, and scale of Monterey Station, we received a tremendous amount of interest from private capital, institutional investors and funds,” said Zander. “The best execution however was offered by Standard/Faring, which purchased the property under their highly successful 'missing middle' bond program, ensuring workforce housing will remain in Pomona for many years."
Weston added, “This was a unique opportunity for Standard/Faring to make a difference in the affordable housing space. They executed flawlessly.”
The property sits in a high-barrier-to-entry location with only 27 multifamily communities of 100 units or greater added to the San Gabriel Valley inventory since 2007. Built in 2014, Monterey Station is one of the area’s newer developments. It boasts an 89 Walkscore and sits adjacent to the Metrolink Station, an approximate 30-mile commute to Downtown Los Angeles.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.