NEW YORK–(BUSINESS WIRE)–CP Capital, a leading U.S. real estate manager specializing in multifamily investments, today announced the sale of The Gabriel – a four-story, 312-unit wrap-style apartment community in Pomona, CA, a suburb of Los Angeles. In addition to this transaction, the firm reported increased activity across its portfolio, including significant construction and leasing milestones at 11 multifamily developments.
The Gabriel, completed in 2022, sold at 94% leased. This sale, combined with CP Capital’s robust pipeline of portfolio activity, underscores the positive fundamentals of the multifamily market and highlights a growing demand for Class A rental housing in high-growth suburban markets nationwide.
“The multifamily sector has faced challenges in recent years, but we remain optimistic due to its resilience amidst economic uncertainty and the heightened levels of renter demand that should persist long after the current wave of new supply is fully absorbed,” says Kristi Nootens, Co-Head at CP Capital. “The sale of The Gabriel, along with significant milestones across our portfolio, reinforces our belief that the sector is entering a new era of growth. As market conditions evolve, we look forward to continuing to partner with best-in-class developers and key industry stakeholders to deliver optimal returns for our investors.”
The Gabriel offers Class A interiors with smart home technology, including stainless-steel appliances, quartz countertops, luxury plank flooring, Honeywell Wi-Fi thermostats, community video intercoms, Brivo keyless entry in common areas, and ButterflyMX virtual keys. Residents also benefit from a range of amenities, including a pool and spa, fitness center, on-site retail, four park-like courtyards with fruit trees and outdoor seating, firepits, a dog park and pet wash, club room, rideshare lounge, entertainment lounge, outdoor grills, 24-hour package lockers and covered bike storage.
Located at 2771 North Garey Avenue, The Gabriel is a transit-oriented, resort-style community adjacent to the Pomona (North) Metrolink Station, with convenient access to Route 66 and Route 67. This prime location provides tenants with easy connections to major employment centers and a variety of local retailers and amenities, including Target, Whole Foods Market, Claremont Train Station, downtown Pomona Train Station and Ontario International Airport.
“The sale of The Gabriel, along with ongoing activity at our assets nationwide, underscores our team’s highly effective approach to multifamily investment,” said Jay Remillard, Co-Head at CP Capital. “In collaboration with our operating partner, we’ve developed an apartment community that will have a positive impact on the greater Los Angeles area by addressing the rising demand for high-end, accessible housing. The success of this transaction reflects our dedication to CP Capital’s core values and strategies, including safeguarding our investments, fostering strong relationships with our development partners, transforming neighborhoods through thoughtfully designed real estate, and adapting to evolving market dynamics.”
CP Capital’s recent and upcoming milestones include three projects under construction in submarkets of Austin, Washington, D.C., and Philadelphia, delivering over 1,000 new units. The firm also has seven developments in active lease-up across Atlanta, Phoenix, Charleston, Denver, Tampa, and Boston, where another disposition is anticipated this Fall.
With 35 years of experience, CP Capital excels as a capital partner and manager of multifamily investments. The firm tailors its investment strategies to market cycles and favorable supply-demand fundamentals, offering solutions across the risk spectrum. By leveraging longstanding relationships with top development partners, CP Capital invests in supply-constrained markets with attractive margins between development yields and exit cap rates. The firm’s focus often includes “attainable luxury” developments in high-growth suburban areas, where proposed rents target a broad range of potential residents.
About CP Capital
CP Capital is a highly disciplined U.S. real estate investment manager focused on the multifamily sector. Founded in 1989, the firm has invested in nearly $16 billion of U.S. real estate on behalf of global institutions, family offices and ultra-high net worth individuals. These investments total more than 70,000 residential units and 21 million square feet of commercial space. In-house capabilities of CP Capital also include asset and construction management, capital markets, reporting, and tax structuring expertise. Through its consistent participation in the market over the past three decades, the firm has developed deep relationships across the real estate industry. CP Capital’s primary investment strategy focuses on opportunistic and value-add rental apartment investments with best-in-class joint venture partners in growth markets throughout the U.S., which has resulted in a strong track record of more than 235 realized multifamily fund investments as of June 30, 2024.
Visit cpcapitalus.com for more information.
