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8/21/20
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A 69-unit multifamily property in Pasadena traded hands in a $19.3 mil ($280k/unit) deal. The property, located at 700 Locust St, was built in 1987.
The three-story property features a mix of studio, one-bedroom and two-bedroom floorplans. Common area amenities include fitness room, library, internet lounge, courtyards, large conference room and reception room.
The seller recently completed numerous upgrades including elevator and stairwell improvements and a fully renovated conference room. Interior unit upgrades include laminate hardwood-style floors, stone countertops, new kitchen cabinets, tile backsplash, recessed lighting, bathroom enhancements and the installation of in-unit washers and dryers.
The property is adjacent to I-210, a major Southern California freeway that connects Pasadena with the rest of Los Angeles as well as the Inland Empire. Two Metro Gold Line transit stations, Lark Avenue and Memorial Park, are within one mile of the site.
CBRE’s Laurie Lustig-Bower, Kamran Paydar, Chalvis Evans and Kyle Barratt represented the seller, Fuller Theological Seminary, a Pasadena-based multidenominational evangelical Christian seminary. The buyer was self-represented.
“Investor demand for this asset was very strong, as demonstrated by the 24 competitive offers we received,” said Lustig-Bower. “We had a buyer in place in March, but the deal didn’t close. Our team quickly remarketed the property and secured another buyer.”
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