Colliers is pleased to present for sale “Residences at The Grove” (the “Property” or “3101 N Garey”), a fully-entitled multifamily redevelopment opportunity totaling approximately 338,100 gross buildable square feet on approximately 240,425 square feet of land.

Strategically positioned in North Pomona, nestled between the esteemed cities of La Verne and Claremont, Residences at The Grove is poised to capitalize on the vibrant, youthful population that characterizes this section of the Pomona Valley. With the University of La Verne and Pomona College a mere stone’s throw away, the subject property area is set to attract a dynamic, educated, and trendsetting demographic.

The Grove’s offering will be attractive to an institutional developer looking to make more than a splash in a neighborhood ripe for multifamily expansion. The roughly 5.5-acre site will allow for 289 units with substantial frontage along North Garey Avenue. The current lack of multifamily supply coupled with the increasing rental demand suggests a project of this magnitude has been coming for this area for a long time. Tenants should range from postgraduates to young professionals and young families employed by the wide range of education systems and healthcare employers in the region.

Because of the lack of new, market-rate multifamily product in the area, a developer can set the mark on asking rents and get very little pushback in return. The lack of supply should also lead to a quick and efficient lease-up period. The eventual entitlement and Letter of Determination (LOD) will minimize the risk and legwork for a developer and will leave room for them to put their creative spin on the project through the construction permit period.