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June 17, 2019
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Apartment Asset in Pasadena Trades for $311k/Unit


A 45-unit apartment property in Pasadena traded hands in a recent $14 mil ($311k/unit) transaction. Located at 165 N Michigan Avenue, the property is walking distance to CalTech and Pasadena City College, and is in proximity to Old Town Pasadena, Paseo Colorado, and the popular Lake Avenue shopping and dining area.

The well-amenitized building features 18 one-bedroom, one-bathroom units, 24 two-bedroom/two-bathroom units, and three, three-bedroom/two-bathroom penthouse units. The apartments are large with patios or balconies.

The buyer was a private investor. Priscilla Nee of CBRE represented the seller, a Los Angeles-based private trust, in the transaction. As part of the purchase, the buyer secured an attractive 10-year fixed loan with a 15-month earn-out through Novo Capital Partners. The property closed at a 3.45% cap rate.

“The property’s desirable Pasadena location and significant value-add opportunity attracted both private and institutional buyers, resulting in multiple offers and a final sales price above the listed price,” said Nee. “This is a high-barrier-to-entry market with average housing values above $900k. Properties of this size rarely become available.”

Multifamily asset acquisitions in the U.S. reached $48.3 bil in Q3 2018, up 14.2% year-over-year, the highest total since Q4 2015, according to CBRE research. The Greater Los Angeles market remains among the top three metros for multifamily completions, accounting for 27% of the nationwide total through the third quarter.

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