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Flowing Streams LLC Acquires Multifamily Community In Pomona For $9.9M

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SOLD
$9,900,000

California

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MultiFamily
Sold 05/02/2024
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Property Image
SOLD

Flowing Streams LLC Acquires Multifamily Community In Pomona For $9.9M

3016 North Garey Avenue

See Similar Deals
MultiFamily
Sold 05/02/2024
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

The North Garey Village Apartments in Pomona have been sold for $9.9 million. The property consists of 44 residences spread across 11 apartment buildings on a 1.5-acre parcel. Located at 3016 N. Garey Ave., the multifamily community offers amenities such as single-car garages, on-site laundry facilities, and select units with fireplaces.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $9,900,000
  • Units: 44
  • Price Per Unit: $225,000
  • Address: 3016 North Garey Avenue
  • Market: Pomona
  • ACRES: 1.5

Marcus & Millichap's Douglas McCauley and David Covarrubias represented the seller, Kot and Offenbecher Trust, in the transaction to sell the North Garey Village Apartments. The sale was facilitated by these brokers by successfully procuring the buyer, Flowing Streams LLC.

Players

Douglas McCauley
9 deals$72.1M volume
BROKER

David Covarrubias
Marcus & Millichap
9 deals$72.1M volume
BROKER

Details

SOLD
IMAGE: Douglas McCauley & David Covarrubias DATE: 05/02/2024 ADDRESS: 3016 North Garey Avenue MARKET: Pomona ASSET TYPE: Multifamily ~ ACRES: 1.5 SELLER: Kot and Offenbecher Trust BROKERS: David Covarrubias & Douglas McCauley - Marcus & Millichap (@MarcusMillichapinc) SALE PRICE: $9,900,000 UNITS: 44 ~ PPU: $225,000 NOTE: Flowing Streams LLC has acquired North Garey Village Apartments, a multifamily community in Pomona, for $9.9 million. The property, located at 3016 N. Garey Ave., features 44 residences spread across 11 apartment buildings on a 1.5-acre parcel with amenities such as single-car garages, on-site laundry facilities, and select units with fireplaces. Marcus & Millichap's Douglas McCauley and David Covarrubias represented the seller, Kot and Offenbecher Trust, and facilitated the transaction by procuring the buyer.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$528,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$35,172.61
Cash-on-Cash Return-1.27%
Monthly Debt Service$46,931.05
Annual Debt Service$563,172.61