P
rime Residential has acquired The Gabriel, a 312-unit multifamily complex in Pomona, for $115 million. Located at 2771 North Garey Avenue, the four-story building is near University of La Verne and Claremont Colleges, with 1,200 square feet of retail space and amenities like a pool, fitness center, fire pits, and dog park. The property was completed by Greystar in 2022 after being stalled due to labor shortages during the COVID-19 pandemic.

    Prime is funding the acquisition with a $74.8 million mortgage from CBRE Capital Markets. This deal adds to Prime's Los Angeles portfolio, which includes Park La Brea, the largest apartment complex on the West Coast with nearly 4,500 units. The company has also recently acquired 5077 Lankershim Boulevard in North Hollywood for $62.1 million.

    The Garey Avenue sale ranks among the most expensive multifamily transactions in Los Angeles this year, with FPA Multifamily's $186 million acquisition of 888 at Grand Hope Park being the priciest deal over the first three quarters of 2024. Other notable deals include DivCore's $122.1 million purchase of Reveal Playa Vista and the $110.3 sale of Silva in Koreatown.