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Montclair multifamily sells for $150 million

A 385-unit multifamily property in Montclair has been sold for $150 million.

Archway Equities’ purchase of The Paseos at Montclair North is reportedly the largest multifamily transaction in Southern California this year, according to a statement.

4914 Olive Street Properties LLC was the seller.  JLL represented the investment group in the negotiations.

Located at 4914 Olive St., the development covers two blocks and includes a concert amphitheater, two swimming pools and a fitness facility.

The property was developed in 2014.

Beverly Hills-based Archway Equities has more than $1 billion in commercial real estate assets in its portfolio including 5,000 apartment units. The Paseos is its first multifamily purchase in California, according the statement.

 

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