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9/07/21
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A 42-unit multifamily community in South Pasadena was picked up by a private investor in a $14.95 mil ($356k/unit) deal. Constructed in 1957, the property sits on a one-acre lot at 1760 State St.
The building features a unit mix of one- and two-bedroom apartments with an average size of 950 sf. Amenities include a swimming pool, barbecue and picnic area and a laundry facility. The property is adjacent to I-110, connecting South Pasadena to the Greater Los Angeles metro area.
Eric Chen, Joyce Goldstein and Simon Dillon with CBRE represented the buyer and the seller, a private investor. The sale came in at a 3.23% cap rate.
“This is an incredibly well-located asset that has tremendous upside,” said Chen. “Our team fielded multiple offers during the marketing process and ultimately identified a local San Gabriel Valley buyer to assume the seller’s existing loan.”
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