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6/18/19
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Lina Pasadena, a six-unit multifamily community in Pasadena, was purchased for $2.7 mil ($450k/unit) by a private investor.
Located at 84-88 N. Catalina Ave, the two-story apartment complex was originally built in 1924 on an 11k sf lot and features five garages and five open-space parking lots. The average unit size is 839 sf.
The 5k sf property recently underwent a complete renovation with high-end finishes in all units. The revamp includes new plumbing, new electrical wiring and new windows.
The site is two blocks from Old Town Pasadena, a neighborhood with many dining, retail and entertainment venues. In walking distance from the property are two popular theatres, The Pasadena Playhouse and Laemmle’s Playhouse 7. Lina Pasadena is one half-mile from the Metrolink Gold Line and the I-210 freeway, both of which connect Pasadena to all of northeast Los Angeles County.
Eric Chen of CBRE represented the seller entity, two partners who purchase the property back in 2016. According to Chen, over $50k was put into each unit. The asset also offers a future development opportunity, as the city allows for the construction of a higher density building on this parcel.
The multifamily market in the Greater Los Angeles area remained healthy in the first quarter, with a favorable vacancy rate and solid rent growth, according to the latest CBRE report. Construction activity was strong with completions totaling 13,600 units for the year ending in Q1 -- up 65.7% from the preceding four quarters. Nevertheless, demand in Los Angeles exceeded new supply with 14,803 units absorbed over the same time period. The vacancy rate in Los Angeles was 3.7% in the first quarter, down 10 basis points year-over-year, with rents rising 3.7% from the prior year.
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