Harbor Group Pays $47M for California Asset
- Jun 28, 2021
Harbor Group International has acquired The Olive Ridge Resort, a 220-unit garden-style community in Pomona, Calif., for $46.8 million. The seller was Positive Investments, Yardi Matrix data shows. The asset last changed hands in late 2018 for $37 million.
Completed in 1971, the pet-friendly property is located at 2261 Valley Blvd. and features a mix of studios and one- and two-bedroom units. Amenities include a fitness center, tennis and volleyball court, swimming pool and spa. Additionally, residents have access to a media and business center, barbeque grilling stations, a junior soccer field and on-site laundry facilities. The 11-building community also features a 24-hour on-site maintenance team.
Olive Ridge is at the intersection of Interstate 10 and routes 57, 60 and 7, between Los Angeles County and the Inland Empire. The location provides access to major Southern California business centers and to a high density of universities. Educational centers in the vicinity include the California State Polytechnic University, University of La Verne and Western University of Health Sciences.
Earlier this month, Harbor Group sold a 700-unit apartment in Pembroke Pines, Fla. The $223 million transaction marked the largest recorded multifamily sale in Florida up to that point in 2021.