Pomona apartment complex sells for $130 million

A 349-unit apartment complex in Pomona has been sold for $130 million.

Monterey Station, 120-180 E. Monterey Ave., was purchased by Standard Communities and Faring in Los Angeles, which develops affordable workforce housing, according to CBRE.

The seller, Clear Capital LLC in Irvine, which invests in multifamily properties, was represented by CBRE.

Built-in 2014, Monterey Station is next to the Metrolink Station just north of downtown Pomona and Pomona Civic Center Park.  It has 38 live-work units, all designed for people who work at home or use a hybrid home-office model.

Multiple offers were made on the property. Amenities include a pool and spa, fitness center with an outdoor workout area, courtyards with cabanas, a clubhouse and a dog run.

Standard Communities and Faring bought the complex through its “missing middle” bond program, which helps working families find affordable housing in the communities in which they work, CBRE stated.