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12/16/21
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Monterey Station, a 349-unit apartment complex in Pomona, was purchased by Standard Communities and Faring, a leading national investor and developer of affordable and workforce housing, for $130 mil ($372.5k/unit). The community includes 38 live-work units, allowing for commercial uses while catering to the work-from-home or hybrid work model.
Located at 120-180 East Monterey Ave, Monterey Station is a transport-oriented development in proximity to the increasing employment opportunities in the Inland Empire. 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.
Monterey Station 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.
CBRE’s Dean Zander and Stewart Weston represented the seller, Clear Capital.
"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."
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