POMONA, CA – Subsidiaries of Harbor Group International, a privately held international real estate investment and management company, announced the acquisition of Olive Ridge, a garden-style apartment complex of 220 units in Pomona, California, for $ 46.75 million. HGI acquired the property from a private seller.
Located between Los Angeles County and the Inland Empire, Olive Ridge is near several transportation options that provide access to Southern California's largest work centers. The community is at the intersection of major highways including I-10, Route 57, Route 60, and Route 7 that connect residents to Los Angeles and Orange Counties. The area has a high concentration of universities, which increases residents' demand for affordable, high quality housing.
"The acquisition of Olive Ridge is indicative of HGI's strategy to acquire assets in dynamic markets that are focused on growth," said Richard Litton, President of HGI. "Pomona's unique location in the center of the major employment centers in Southern California, coupled with its proximity to several educational institutions, make it an attractive place to live."
The acquisition contributes to HGI's growing presence in the California market. The company has invested in multiple shared apartments in the greater Los Angeles area and has office buildings in San Francisco and Sacramento.
Source: International port group