Southern California Apartment Complex Trades for $257K Per Unit
The firm purchased Terramonte at Foothill, at 150 West Foothill Boulevard, for $35.5 million, or just over $257,000 per unit, from a private seller. Institutional Property Advisors (IPA), a division of Marcus & Millichap (MMI), brokered the sale.
“The property is poised for revenue gains from a comprehensive unit renovation program and common area upgrades,” said Christopher Zorbas, IPA’s executive director.
Constructed in 1963 on 9 acres, the property is a 35-building, garden-style complex with a mix of units ranging from studios to three bedrooms. It’s also surrounded by universities: University of La Verne, Western University of Health Sciences, The Claremont Colleges and California Polytechnic State University, Pomona.
Positive Investments has made other notable moves in Southern California this year. Earlier this month, it sold an office/flex building in Monrovia, Calif., which broke records as both the largest office building ever sold in that city and the highest price ever paid for an office asset there.
The Arcadia-based firm also sold in March a 200-unit multifamily property in Sylmar, in the San Fernando Valley, for $39.5 million after acquiring it for $29.4 million in late 2020.
Nick Trombola can be reached at NTrombola@commercialobserver.com.