The Henry Apartments in Pomona Trades for $54 Million
Real Estate In-Depth | June 16, 2021
POMONA—Harbor Group International, LLC, which is headquartered in Norfolk, VA, has acquired The Henry, a 169-home luxury apartment community in Pomona, for $54 million.
Commercial brokerage firm CBRE reported the sale on June 16. The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the seller, a joint venture between Spirit Investment Partners and The Bascom Group, and procured the buyer, an affiliate of Harbor Group International, LLC (HGI).
Built in 2001 and recently renovated, the highly amenitized community features a resident clubroom, pool and sundeck, billiards room, fitness center and basketball courts. The apartments have designer finishes with granite countertops, plank flooring, stainless steel appliances, tile backsplash and updated hardware and lighting.
CBRE’s Dunne said of the transaction “We are pleased to represent Spirit Investment Partners and The Bascom Group in the sale of this asset. They did a fabulous job renovating the clubroom and apartments. The offering received significant interest from a broad group of investors considering the quality of the asset and site constrained location.”
“HGI is highly familiar with the Rockland County market given their past ownership of Alister Nanuet. The Henry is a terrific opportunity to apply their management expertise and local market knowledge. Renters are increasingly looking for larger apartments in suburban locations, which bodes well for continued strong performance at the asset,” added CBRE’s Gene Pride.
CBRE Institutional Properties is currently marketing for sale: The Essex County Workforce Housing Portfolio, an eight-property apartment portfolio consisting of 536 units in East Orange and Newark, NJ; Glenview House, a 146-unit apartment community in Stamford, CT; Harbourside SONO, a 129-unit newly developed apartment community in Norwalk, CT and development parcels for multifamily in South and East Orange, NJ, Plainfield, NJ and White Plains.