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California  + Inland Empire  + Apartments  | 

1031 Buyer Pays $35M for Pomona Apartments 

Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the sale of Terramonte at Foothill, a 138-unit apartment property in Pomona. The sale price was $35.5 million, or $257,246 per unit. 

“Constructed in 1963 on nine acres, Terramonte at Foothill is located in a highly occupied submarket with no new construction planned,” said Alexander Garcia Jr., IPA executive director.  

Added Christopher Zorbas, IPA executive director, “The property is poised for revenue gains from a comprehensive unit renovation program and common area upgrades.”  

Garcia, Zorbas and IPA’s Kevin Green, Joseph Grabiec and Greg Harris represented the seller and procured the buyer. “We accessed a 1031-exchange buyer and closed the all-cash transaction in 15 days,” said Green. 

Terramonte at Foothill is a 35-building garden-style property. It’s surrounded by universities, while the nearby Montclair TransCenter, Pomona Transit Center and Pomona Metrolink Station provide residents with connectivity to employment centers. 

Read More News Stories About: Marcus & Millichap
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IPA's GarciaIPA's Zorbas

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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