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10/26/23
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Terramonte at Foothill, a 138-unit apartment property at the very eastern edge of L.A. County, in Pomona, traded for $35.5 mil, or $257.2k/unit. The property is located at 150 W. Foothill Blvd, just west of Garey Ave and south of the 210 Fwy.
Terramonte at Foothill is a 35-building, garden-style property with a mix of studio, one-, two- and three-bedroom units that average 910 sf in size. Community amenities include two resort-style swimming pools, a picnic area, and laundry facilities.
Constructed in 1963 on nine acres, Terramonte at Foothill is surrounded by universities, including California Polytechnic State University, Pomona, University of La Verne, Western University of Health Sciences, and The Claremont Colleges. The nearby Montclair TransCenter, Pomona Transit Center, and Pomona Metrolink Station provide residents with connectivity to employment centers in both Inland Empire and San Gabriel Valley.
Alexander Garcia Jr., Christopher Zorbas, Kevin Green, Joseph Grabiec and Greg Harris with Institutional Property Advisors represented the seller, and procured the 1031 exchange buyer. The all-cash deal in 15 days. According to Zorbas, the property is poised for revenue gains from a comprehensive unit renovation program and common area upgrades.
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