Olson paid Manhattan Beach-based Comstock, Crosser & Associates about $8.5 million for the property, located on the north side of Bonita Avenue, west of Towne Avenue in Pomona.
The property is located near the upscale Claremont Community and the city of LaVerne. The company plans to call the development Carriage Walk and will start building immediately. The land has already been graded. The homes are expected to sell in the high $200,000 to low $300,000 range.
Privately held Olson Company focuses on "infill" development and is spearheading new home construction throughout California. A subdivision of this size has not been built in Pomona in over five years.Roland Chavez, Scott Richardson and Jeff Ragland of O'Donnell/Atkins Company represented The Olson Company on the transaction.
O'Donnell/Atkins has transacted three additional infill sales within the last three months totaling $21 million. Those were for properties in Santa Monica, Long Beach and Carson. O'Donnell/Atkins says that a growing focus for the company is seeking infill development opportunities for clients in higher-density residential or mixed-use developments.
"With the lack of supply of raw, vacant land on the market, builders such as The Olson Company are increasingly looking to infill projects like the Pomona site to meet the goals of their business plans," says Scott Richardson of O'Donnell/Atkins states. "This trend looks like it will continue, and even become more prominent, as housing demand continues to outpace supply in the Los Angeles region over the coming years. There are many more projects like this one in the pipeline."
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