Monterey Station Receives Keen Interest from Private Capital, Institutional Investors, Funds

The 349-unit Monterey Station, an apartment complex in Pomona, recently sold to Standard Communities and Faring, an investor and developer of affordable and workforce housing, for $130 million. 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.

The asset was built in 2014 and is comprised of 14 different floorplans. The community includes 38 live-work units, allowing for commercial uses while catering to the work-from-home or hybrid work model.

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.”

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.

“This was a unique opportunity for Standard/Faring to make a difference in the affordable housing space. They executed flawlessly,” Weston adds.