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11/06/17
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A private investor based out of China has purchased LUXE, a 131-unit luxury multifamily property in Pasadena, for $57.2 mil, or $436.6k per unit. The deal had a cap rate of 3.7%.
Built in 2016 on nearly two acres, LUXE’s studio, one- and two-bedroom apartments average 731 sf in size. The property is located at the corner of E Walnut St and Allen Ave, near access to State Route 134 and the 110 and 210 freeways, which provide residents with easy access to major employers in the area.
Greg Harris, Kevin Green and Joseph Grabiec with Institutional Property Advisors (IPA) represented the seller and developer, Agoura Hills-based Amcal Equities LLC. The team also procured the buyer.
“LUXE is one of the premier multifamily assets in the San Gabriel Valley,” said Harris. “Purchased by an international investor making their first purchase in the United States, the property is supported by strong market trends, including high demand for luxury apartment homes, a significant affordability gap to home ownership and a scarcity of new supply.”
“Pasadena has experienced rent growth of nearly 12% since 2014, and rent growth is projected to increase nearly 3% annually,” added Grabiec. “The average vacancy rate is expected to hold steady at around 3.6% and the city’s average annual household income, which is already strong, is projected to increase 17% to $122,796 by 2021.”
“Centrally located in Pasadena and adjacent to a Metro Gold Line station in a heavily supply-constrained market, LUXE delivers a rare pedestrian- and mass transit-oriented location that appealed to the renter base, as evidenced by its rapid lease-up and rent growth trajectory,” commented Green.
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