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12/12/19
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Los Angeles-based APPA Real Estate has purchased a land site in East Pasadena for the development of a new transportation-oriented, mixed-use multifamily project. The site, totaling just over three-quarters of an acre at 3768 E. Colorado Blvd, was sold by Bolour Associates Inc for $8.5 mil.
The parcel is the first to be developed under Los Angeles County’s updated MXD (Mixed Use Development) zoning supporting high-density development near Metro Rail sites. From 2015 to 2018, Bolour worked closely with County officials to re-entitle the Colorado Boulevard land under the new zoning code.
The Pasadena site is minutes from Interstate 210 and the Metro Rail Sierra Madre Villa Station. It is also immediately south of the Hastings Ranch submarket, home to premier national restaurants and retailers, and a demographic of young professionals and families.
Upon completion, the mixed-use Colorado Boulevard project will combine 5.8k sf of ground-floor commercial space with 100 contemporary multifamily units, five of which will be designated for affordable housing. Residents will enjoy a private gym, co-working space, rooftop barbeque decks, courtyards, a dog run and on-site parcel lockers. The building will be served by two levels of subterranean parking.
The project is expected to break ground in early 2020 with an opening scheduled for early to mid-2022. The Colorado Boulevard land transaction was a direct sale between Bolour and APPA, with all details handled in-house by both parties.
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