Park La Brea owner gets Pomona apartments in one of priciest deals of year

The owner of Park La Brea in the Fairfax District on the Westside of Los Angeles has headed east for its latest acquisition, a 312-unit multifamily complex in Pomona.

Prime Residential paid $115 million for the property in one of the largest multifamily deals in Los Angeles this year, property records indicate. 

The asset, known as The Gabriel and located at 2771 North Garey Avenue, is a four-story building near University of La Verne and Claremont Colleges. The complex also contains 1,200 square feet of retail space and amenities such as a pool and spa, a fitness center, fire pits and a dog park. The deal closed on October 9, according to a deed filed with Los Angeles County. 

The seller is residential landlord Greystar, which completed construction on the property in 2022. The development project was stalled due to labor shortages stemming from the COVID-19 pandemic, according to a previous report from CoStar. The firm declined to comment on the transaction.  

Prime is funding the acquisition with a $74.8 million mortgage from CBRE Capital Markets. The firm could not be reached for comment. 

Prime’s Los Angeles portfolio includes the Park La Brea in Mid-City. That property is the largest apartment complex on the West Coast with nearly 4,500 units. The company recently expanded its Southern California holdings with its acquisition of 5077 Lankershim Boulevard, a 156-unit residential complex in North Hollywood. That deal was valued at $62.1 million. 

The Garey Avenue sale ranks as one of the most expensive multifamily transactions in Los Angeles this year. The priciest transaction in the city over the first three quarters of 2024 is FPA Multifamily’s $186 million acquisition of 888 at Grand Hope Park, a 34-story, 525-unit residential tower in Downtown Los Angeles, according to Kidder Matthews’ quarterly market reports. Other deals over $110 million include DivCore’s $122.1 million purchase of Reveal Playa Vista and the $110.3 sale of Silva in Koreatown.   

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