Nick Buchanan Of Cape Point Development Acquires 5.5-Acre Development Site In Pomona For $12M

The transaction involves a development site located at 3101 North Garey Avenue in Pomona, covering an area of 5.5 acres. Cape Point Development purchased the property for a total amount of $12,000,000. The site has been fully entitled and has received approvals for a future development of a 289-unit apartment project known as "Residences at The Grove," which includes two four-story buildings, 409 parking spaces, and 29 affordable units.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $12,000,000
• Buyer: Nick Buchanan - Cape Point Development
• Seller: Kamyar Shabani - Optimus Properties, LLC
• Date of Transaction: 06/17/2025
• Market: Pomona
• Acres: 5.5

Nick Buchanan represents Cape Point Development in this acquisition, illustrating the company's commitment to expanding its portfolio within the Inland Empire. Kamyar Shabani represents Optimus Properties, LLC as the seller in this transaction, facilitating the transfer of this development opportunity.