It was an easy decision for two of the country’s largest multifamily developers to partner up for a new project in the Inland Empire, a region with among the strongest apartment fundamentals in Southern California.
CP Capital US and Greystar last April opened The Gabriel, a 312-unit project at 2771 N. Garey Ave. in Pomona, after a construction process that included challenges ranging from labor shortages and supply chain disruptions during the COVID-19 pandemic to issues with utility meters and street construction.
At the same time, the transit-oriented development presented an opportunity to bring a high-end yet affordable project to eastern Los Angeles County that the developers said is “accessible for the average person and unlike any other development in the Pomona market.”
The final result, paired with The Gabriel’s brisk leasing average of 26 units a month since it opened, earned the project a 2023 CoStar Impact Award, as judged by a panel of real estate professionals familiar with the market.
About the project: The four-story development broke ground in 2020 during the first year of the pandemic. Once major construction of the property was finished, the team faced the unexpected challenge of working with a very burdened utility company to get meters approved for the project’s opening.
The project has provided much-needed housing for the Claremont Colleges, the University of La Verne and other institutions. CP Capital and Greystar surpassed their preleasing goal of 10% as over 1,200 people signed up for the initial interest list before construction started.
The complex has a pool and spa, fitness center, on-site retail, four courtyards with fruit trees and outdoor seating, fire pits, a dog park and numerous other features and perks. The Gabriel has smart home technology that includes Wi-Fi remote thermostats, video intercoms to approve or chat with guests, keyless entry and other features.
What the judges said: The Gabriel is a “beautiful development in a much-needed market,” said Jason Lamoreaux, president of Coldwell Banker Commercial Real Estate Solutions. The development is a “well-done project with a great concept” that will help provide needed housing in Southern California, added Brandon Sudweeks, president of Coldwell Banker Commercial Southern California.
They made it happen: CP Capital US Director of Investments Logan King, Vice President of Investments John Begley and construction manager Steve Whitney, and Greystar Executive Director Jerry Brand, Senior Director Andrew Kuo and Senior Director Timothy Stoll led the development team.
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