The Gardens Apartments complex was sold to a locally based LLC, in a deal valued at $10.6 million. The property is located at 150 W. Foothill and 151 W. Drake. It had a 3% vacancy rate at time of sale.
Cray Carlson of Marcus & Millichap's Ontario office represented the buyer, MSK Pomona LLC and the seller, private investor Don Lieusay.
Multifamily continues to be the hottest sector in Los Angeles' commercial market, remaining relatively unaffected by the economy's sudden downturn. As other sectors of the market struggle with increasing vacancy rates, multifamily remains strong due to little new construction and continuing demand for housing.
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