Continuing a slew of multifamily buys across the country, Harbor Group International has made another purchase in Los Angeles County.
Harbor bought the 220-unit Olive Ridge complex in Pomona for $46.75 million, the company said in a release on Wednesday.
The property was previously owned by private investors Rao Yalamanchili and Nagarjun Reddy Yarapu, records show. The investors, who could not be reached for comment, bought it for $37 million and secured a $26.2 million Fannie Mae mortgage for the complex in 2018.
Apartments at Olive Ridge, located at 2241 Valley Boulevard, are listed for $1,295 to $1,675.
In a statement, Harbor President Richard Litton cited Pomona’s proximity to several universities as a reason for the acquisition, which he said is in line with the firm’s strategy of buying in markets “positioned for growth.”
Harbor Group, headquartered in Virginia, owns thousands of apartments and has around $13.5 billion in assets under management. Recently it bought a 5,500-unit portfolio from Chetrit for $390 million.