Standard Communities and Faring have acquired a multifamily asset in Pomona for $130,000,000. The property, located at 120-180 E. Monterey Ave., consists of 349 units with a total square footage of 240,000. This translates to an average price per unit of $372,492 and a price per square foot of $541. The transaction was facilitated by Clear Capital, represented by Greg Worchell, while Dean Zander and Stew Weston of CBRE acted as the brokers for the buyer.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $130,000,000
• Units: 349
• Price per Unit: $372,492
• Square Footage: 240,000
• Price per Square Foot: $541
• Address: 120-180 E. Monterey Ave.
• Market: Pomona

The property acquisition was led by Jeff Jaeger, Chris Cruz, and Jason Illoulian from Standard Communities and Faring. They join forces to secure this notable deal in the Pomona market. The involvement of Dean Zander and Stew Weston from CBRE as the buyer's representatives demonstrates their expertise in handling such high-value transactions.