|
|
9/21/21
|
A 22-unit multifamily community in Pasadena was purchased by a local private investor for $7.95 mil, or $361.4k/unit. Constructed in 1960, the two-story, 18.2k sf property is located at 175 S. Madison Ave, in Pasadena’s Playhouse District.
The asset features a mix of one- and two-bedroom units with an average size of 826 sf. Amenities include a swimming pool, private courtyard, subterranean parking, and a laundry facility. The property is located in proximity to the I-210, connecting the area to neighboring cities within the San Gabriel Valley, San Fernando Valley, and the Greater Los Angeles metro area.
Eric Chen, Joyce Goldstein and Simon Dillon with CBRE represented the seller, a private investor. CBRE’s Ryan Wilkinson facilitated financing on behalf of the buyer, a 1031 exchange investor.
“This prime-location property was owned by the seller for 40 plus years and is part of a 1031-exchange by the seller who is buying out of state,” said Chen. “It sold above asking price with a number of investors willing to purchase it on a non-contingent basis. This just shows how in demand strategically located quality apartment properties are in this region.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
