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October 23, 2018
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Pasadena Multifamily Community Sells for $66 Mil

7/25/18

The Andalucia, a newly built, 118-unit, resort-style multi-housing community in Pasadena, was purchased for $66.08 mil ($560k/unit) by a foreign investor. The property was sold by a joint venture between Mack Real Estate Development LLC, Mill Creek Development, Pacifica Capital Investments LLC, ARKA Properties and their capital partner.

The Andalucia is located at 686 East Union St in Pasadena’s coveted Playhouse District, a short walk to the boutiques and restaurants situated along Colorado Blvd. Completed in 2017, the property’s design reflects the city’s timeless Spanish architecture and encompasses approximately 7.5k sf of ground-floor retail in addition to the 118 studio, one- and two-bedroom flat and townhome-style units. The six-story, podium-style building has 11 affordable units and community amenities, including a rooftop lounge, outdoor community lounge, fitness center, clubhouse and secured underground parking.

The HFF team marketed the property exclusively on behalf of the seller, a joint venture between Mack Real Estate Development LLC, Mill Creek Development, Pacifica Capital Investments, LLC, ARKA Properties and their capital partner. The property was purchased by a private foreign investor.

HFF’s Blake Rogers and Sean Deasy represented the seller in the transaction.





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