POMONA, CA-The owners of the 100-unit Helix at University Village apartment complex have named the Hendricks & Partners team of Dean Zander and Vince Norris to market the property near the city’s Art Colony district at an asking price of $16.5 million, which the Hendricks brokers say is a 5.51% cap rate on existing income. Zander and Norris describe the complex as an institutional-quality building adjacent to the Western University of Health Sciences and steps from the Art Colony district.

The complex comprises one four-story building that was built in 2006 and situated on the northeast corner of Fourth and Palomares streets, near the 10 and 60 freeways. “From its inception, occupancy has been exceptionally strong, with leases from Western University staff and graduate students,” according to the Hendricks & Partners team. The university is in the midst of a $100 million expansion program, and recently opened a 78,000-square-foot Patient Care Center to better serve its growing student body, as well as the local community.

The Helix unit mix includes 24 studios, 24 one-bedroom and 52 two-bedroom apartments. Community amenities include a large fourth-floor terrace and lounge featuring mountain and city views, a fitness center, two large public courtyards, group study rooms and outdoor BBQ and event space. The city of Pomona is in the process of revitalization, with over $300 million in planned new developments. Zander and Norris anticipate a call for offers on Friday, Nov. 11.