The 169-unit apartment community known as The Henry, which is at 1 Crystal Hill Drive in Pomona has sold for $63.7 million, according to the real estate services company CBRE.
CBRE represented the seller, Harbor Group International, LLC, (HGI) and procured the buyer, JSB Capital. CBRE personnel involved in the sale included Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Eric Greenberg of CBRE Institutional Properties.
In 2001, CBRE was involved in arranging the purchase of the property by Harbor Group for a reported $54 million. Then complex was built in 2001 and received various renovations over a four-year period ending in 2019. Amenities at the property include a clubroom for residents, a pool and sundeck, billiards room, fitness center and basketball courts. There are nine buildings in the complex, generally four stories in height.
Real estate listing services showed that rental units with one to three bedrooms and one to three bathrooms ranged in price from $2,880 to $5,000 per month.
“We are pleased with our success at The Henry,” said Lane Shea, managing director of HGI. . The property performed well, and we successfully executed our business plan, providing attractive, risk-adjusted returns to our investors.”
“We are pleased to have represented HGI in the disposition of this asset,” said Dunne. “The property has outperformed since HGI purchased the property in 2021 and the buyer’s renovation program should continue to attract a robust renter pool while pushing rents.”
MacKenzie added, “There are clear value-add opportunities through strategic renovations inside the units and amenity areas. The Henry’s large apartments, particularly the townhomes, are a huge selling point for renters, especially for families seeking more space and affordability outside of New York City.”
