ADC Real Estate Group LP, an affiliate of Amoroso Companies acquired ALUR Apartments, a 51-unit boutique multifamily community in Pasadena, for $22 mil, or $431.4k/unit. Built in 1987 and renovated in 2021, the property is located at 700 Locust St, north of Colorado Blvd and west of Lake Ave.
ALUR features a mix of one- and two-bedroom units averaging 951 sf in size. Each residence includes a private balcony, central heat and air, in-unit washers and dryers, and fireplaces in most units. Interior upgrades include wood-style flooring, quartz countertops, stainless steel appliances, gas ranges, tile backsplashes, recessed lighting, and premium cabinetry and fixtures.
Community amenities include two landscaped courtyard patios, a third-floor furnished balcony, package lockers, a barbecue area, two elevators, a security camera system, 79 gated garage spaces, and EV charging stations. Recent capital improvements include a new roof, plumbing upgrades, fire sprinkler head replacements, exterior painting, and full corridor and entry remodels.
Located adjacent to the Pasadena Playhouse District, the property provides walkable access to major employers, top-ranked schools, cultural destinations, and two Metro rail stations. It also offers convenient connectivity to the 210, 134, and 110 freeways.
CBRE’s Kamran Paydar and Kadie Presley Wilson represented the seller, a private Los Angeles-based investor. Ryan Greer, Trevor Breaux, and Troy Tegeler with CBRE’s Debt and Structured Finance arranged acquisition financing on behalf of the buyer.
“ALUR offers a unique combination of quality and location in one of Southern California’s tightest rental markets,” said Kamran Paydar, First Vice President at CBRE. “With larger-than-average units and high-end finishes, it’s well-positioned to meet Pasadena’s growing demand for spacious, premium rental housing,” commented Presley Wilson.
According to CBRE Research, the apartment vacancy rate in the Burbank/Glendale/Pasadena submarket is 3.7%, among the lowest in Greater Los Angeles, and the average monthly rent per unit in this submarket is $2,821.
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