HGI Acquires LA County Apartment Complex for $47M
Harbor Group International (HGI) announced that it put down $46.75 million for a 220-unit apartment community in eastern Los Angeles County.
Records show Arcadia-based Positive Investments Inc. was the owner of the property called Olive Ridge at 2261 Valley Boulevard in Pomona, Calif., located near the border with San Bernardino and the Inland Empire. More specifically, Olive Ridge is at the intersection of I-10, Route 57, Route 60 and Route 7.
Multifamily activity in Southern California has tapered off a bit the past couple of months after an uptick at the start of 2021, but investors are hoping the state’s reopening from the coronavirus shutdowns will reestablish demand, and curtail the need for rising concessions.
HGI owns other apartment communities within Greater L.A., as well as office buildings in San Francisco and Sacramento. The privately owned investment firm has also been particularly active in the multifamily game around the country over the past year despite the pandemic. Earlier this week, CO reported that HGI and Cammeby’s International Group are set to purchase a multifamily portfolio in New Jersey for roughly $1 billion, and, in November 2020, HGI secured $513 million to refinance eight multifamily assets in the mid-Atlantic region.