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December 19, 2018
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Pasadena Apartment Building Sells for $262k/Unit


A Los Angeles-based private investor paid $4.2 mil for Churchill Apartments, a 16-unit ($262.5k/unit) multifamily property in Pasadena. Built in 1965, the property is located at 450 South Los Robles Ave.

The property includes six two-bedroom units, six one-bedroom units and four studios. The units feature a patio or balcony, 16 tuck-under parking spaces with wall storage boxes and a laundry room. The asset is located mid-block on Los Robles Ave between Del Mar Ave and California Blvd.

Chuck Dunn with Charles Dunn Company represented the seller, Pasadena based Miller Trust. Mike Vara, also with Dunn, repped the buyer in the deal. The property sold at a gross rent multiplier of 17.9.

“This is the first time this property sold in 40 years,” said Dunn. “It received considerable investor interest based on its location, turn-key condition of the units and potential for long-term appreciation.” The buyer is planning on adding value by updating some of the units and common areas.

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