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California  + Inland Empire  + Apartments  | 

Transit-Oriented MF Sells for Record $85M

Monterey Station, a 349-unit, transit-oriented, mixed-use loft development in Pomona, CA, sold for nearly $85 million, a record for the market. Los Angeles-based Clear Capital acquired the asset from the original developer, Newport Beach, CA-based Realm Real Estate, an affiliated joint-venture of The Bascom Group.

The apartment community consists of two U-shaped, four-story residential buildings on nearly seven acres, directly across from the Pomona Metro Station and adjacent to the Western University of Health Sciences. The property was built in 2014, and offers a mix of studio, one, and two-bedroom units, plus 38 live-work apartments in 17 floorplans.

The private investment group buyer completed a 1031 exchange. It plans to perform minor upgrades to the interiors and increase rents as units turn, plus increase some of the common area amenity space.

Berkadia’s Dean Zander, Joe Leon and Jeff Rowerdink facilitated the sale.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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