Pomona Apartments exchanges to LLC for $10 million

Marcus & Millichap recently completed the sale of North Garey Village Apartments, a 44-unit apartment complex located in Pomona. The asset sold for $9,900,000.

Douglas McCauley, SVP Investments, and David Covarrubias, first VP Investments, both in the Inland Empire office of Marcus & Millichap, marketed the property on behalf of the seller, Kot and Offenbecher Trust. The buyer, Flowing Streams LLC, was also acquired by McCauley & Covarrubias.

“We generated tremendous buyer demand given the location and ability to renovate apartments,” McCauley said. “We negotiated with multiple buyers and closed escrow within 28 days.”

Built in 1963, North Garey Village Apartments is located at 3106 N. Garey Ave. in Pomona. The property consists of 11 apartment buildings with a majority of two-bedroom floor plans. Other amenities include one-car garages, on-site laundry facilities, storage areas and select units with fireplaces.