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11/13/18
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Twin Palms Apartments in Pomona, an 83-unit multifamily community in Pomona, was acquired by a private investment group out of Manhattan Beach for $10.4 mil, or $125.3k/unit. The property, located at 1514 W Mission Blvd, was sold by a San Gabriel Valley based investment group.
Built in 1964, Twin Palms is a two story community that comprises two residential buildings totaling 30.9k sf of space, and situated on a 1.41-acre site. Twin Palms features studios and one-bedroom units. The community also boasts two swimming pools, outdoor picnic area with BBQs, covered parking, and controlled access.
Otto Ozen and Alex Mogharebi with The Mogharebi Group represented both parties in the deal.
“Due to the low price per unit, solid cash-on-cash return, and proven rental growth, the buyer pool was large,” said Ozen. “The property represented a great value with solid upside that required a special buyer to realize its full potential.”
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