POMONA, CALIF. — CP Capital has sold The Gabriel, a 312-unit apartment community in Pomona, approximately 30 miles west of Los Angeles. The property is situated at 2771 N. Garey Ave., adjacent to the Pomona North Metrolink Station. The buyer and sales price were not disclosed.
The Gabriel was completed in 2022. The four-story development offers apartments featuring stainless steel appliances, quartz countertops, plank flooring and smart home technology such as Honeywell Wi-Fi thermostats, community video intercoms, Brivo keyless entry in common areas and ButterflyMX virtual keys. According to Apartments.com, units come in one-, two- and three-bedroom floor plans with monthly rental rates starting at $2,285.
Community amenities include a pool and spa, fitness center, onsite retail, four courtyards with fruit trees and outdoor seating, fire pits, outdoor grills, a clubroom, rideshare lounge, entertainment lounge, dog park, pet wash station, package lockers and covered bike storage.
The property was 94 percent occupied at the time of sale.
“The multifamily sector has faced challenges in recent years, but we remain optimistic due to its resilience amidst economic uncertainty and the heightened levels of renter demand that should persist long after the current wave of new supply is fully absorbed,” says Kristi Nootens, co-head at CP Capital. “The sale of The Gabriel, along with significant milestones across our portfolio, reinforces our belief that the sector is entering a new era of growth.”
CP Capital is a New York City-based investment manager focused on the multifamily sector. The firm was founded in 1989. CP Capital currently has three projects totaling 1,000 units under construction in Austin, Philadelphia and Washington, D.C. The firm also has seven developments in lease-up across Atlanta, Phoenix, Charleston, Denver, Tampa and Boston. CP Capital expects to complete another disposition in Boston this fall.
— Channing Hamilton