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December 10, 2017
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LOS ANGELES COUNTY NEWS
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Local Investor Pays $467k/Unit for Pasadena Residential/Retail Asset

11/13/17

Walnut Place, a fully occupied residential/retail property Pasadenas Playhouse District, has sold for $14 mil. The 28-unit property, located at 712 E. Walnut St, includes two retail units.

Built in 2004, the five-story property includes seven three-bedroom and 21 two-bedroom residential units, as well as the two retail units, for a combined 3k sf of space. The property includes balconies or wrap-around outdoor patios on all units, an interior landscaped courtyard, and underground gated parking.

Located in the urban heart of one of the most desirable and culturally rich, historic areas in all of Southern California, Walnut Place is walkable to all of Old Pasadena, the Pasadena Playhouse, numerous world-famous art museums, South Lake Avenue District, the Rose Bowl, JPL, Fuller Seminary, CalTech, gyms, cafes, restaurants, nightclubs, coffee shops, and movie theaters. The property is also adjacent to the Gold Line metro station and is just off the 210 and 134 freeways.

Andrew Berk with Avison Young represented the seller, Walnut Place LLC, of Los Angeles. The buyer was a private investor from the San Fernando Valley. The transaction closed at a low cap rate of 3% and a price per unit of nearly $467k.

Berk noted that the listing generated multiple offers. The property provides the buyer the opportunity to increase cash flow with a renovation and by bringing rents up to market rates as leases expire.





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