Source: Harbor Group International
POMONA, CA - Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of Olive Ridge, a 220-unit, garden-style multifamily community in Pomona, Calif. for $46.75 million. HGI purchased the property from a private seller.
Situated between Los Angeles County and the Inland Empire, Olive Ridge is near several transportation options that provide access to Southern California's largest employment centers. The community lies at the intersection of main highways, including I-10, Route 57, Route 60 and Route 7, connecting residents to Los Angeles and Orange County. The area features a high concentration of universities, increasing resident demand for affordable, quality housing.
"The purchase of Olive Ridge is indicative of HGI's strategy to acquire assets in dynamic markets that are positioned for growth," said Richard Litton, President, HGI. "Pomona's unique location, centric to major employment hubs within Southern California, paired with its proximity to several educational institutions, make it an attractive living destination."
The acquisition adds to HGI's growing presence in the California market. The firm has invested in several apartment communities within the greater Los Angeles area and owns office buildings in San Francisco and Sacramento.