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8/16/19
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A condo-mapped, 23-unit multifamily complex in Pasadena has sold in an IRS-sanctioned 1031 Exchange transaction for $8.75 mil, or $380k/unit.
Located at 168 N. Wilson St, the well-maintained complex was conceived and built as condominiums in 2005, but the developer switched strategies and marketed them as rental apartments upon completion. More than 80% of the units are well-appointed two-bedroom, two-bath units. A significant amenity in on-street parking constrained Pasadena is the building’s subterranean parking.
Brett Bayless and Patrick Swanson with Colliers International represented the buyer, a private family trust based in Pasadena. The seller was a private investor/developer also from Pasadena.
“This is a high-quality asset in an upscale Pasadena location near the entertainment center of Old Pasadena and Cal Tech (California Institute of Technology), one of the nation’s elite scientific research universities,” noted Bayless.
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