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May 31, 2020
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Private Investors Trade South Pasadena Apartment Building in $11 Mil Deal


A 32-unit apartment complex in South Pasadena was purchased by a local investor for $11.06 mil ($345k/unit) in an all cash deal. The 24.6k sf property is located at 635 Prospect Ave, south of the 110 Fwy and east of Orange Grove Ave.

The property features a mix of one- and two-bedroom units with approximately 80% of them being renovated. The building sits in a non-rent-controlled location and is walking distance to the Gold Line, Mission St, Fremont Ave, and Fair Oaks Ave.

Priscilla Nee of CBRE represented the buyer and the seller, also a private investor.

“The sellers were ending a partnership and wanted to achieve the best price for this premier property,” said Nee. “Previous marketing efforts from outside brokers came up short. We were pleased to receive multiple offers above our asking price, and ultimately were able to sell the property quickly to a qualified local investor.”

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