Pomona Apartment Complex Sells for $63.7 Million

Representatives of CBRE, led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Eric Greenberg of CBRE Institutional Properties, announced the sale of The Henry, a 169-unit multifamily community in Pomona, NY. CBRE represented the seller, Harbor Group International, LLC (“HGI”), and procured the buyer, JSB Capital. This marks the CBRE team’s fourth multifamily closing year-to-date, which includes Annin Lofts in Verona, NJ ($56M) and The Waverton in Secaucus, NJ ($47.8M) for a total consideration of approximately $254M.

Completed in 2001 and partially renovated between 2015 and 2019, the property offers value-add upside through targeted apartment and amenity upgrades. The Henry consists of oversized, townhouse-style apartments with private entrances and direct access garages, as well as three mid-rise elevator buildings with common hallways. The property contains an expansive amenity package with resident clubhouse, outdoor pool with sundeck, billiards room, fitness center and two basketball courts. 

The Henry’s location in Rockland County is only 28 miles from New York City and allows excellent access to regional employers, diverse retailers, and restaurants. 

“We are pleased to have represented HGI in the disposition of this asset,” said Dunne. “The property has outperformed since HGI purchased the property in 2021 and the buyer’s renovation program should continue to attract a robust renter pool while pushing rents.” 

MacKenzie added, “There are clear value-add opportunities through strategic renovations inside the units and amenity areas. The Henry’s large apartments, particularly the townhomes, are a huge selling point for renters, especially for families seeking more space and affordability outside of New York City.”

“We are pleased with our success at The Henry. The property performed well, and we successfully executed our business plan, providing attractive, risk-adjusted returns to our investors,” said Lane Shea, Managing Director of HGI. “We are grateful to the first-class team at CBRE for helping us bring this deal to fruition.”