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7/26/24
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A family trust real estate entity collected $7 mil from the recent sales of three multifamily properties in Pasadena. The properties total 30 units and were sold in two separate transactions.
174 N. Mar Vista, Passadena |
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The portfolio was marketed as a significant value-add opportunity with 40% upside. The properties are situated in excellent locations just blocks away from the Playhouse District, Old Pasadena, and South Lake Street. Both buyers plan to hold the properties long-term and increase rents by upgrading the remaining unrenovated units over time.
The sales consisted of:
174 North Mar Vista Avenue (12 units) sold for $2.67 mil ($222.5k/unit)
151 North Avenue Wilson Avenue (10 units) sold for $2.2 mil ($220k/unit)
113 North Grand Oaks Avenue (8 units) sold for $2.13 mil ($266.3k/unit)
Darin Beebower, Mark Ventre, and Arian Rejaei of Kidder Mathews represented the seller, a family trust for Michael H. Saperstein, as well as the buyers for all properties. The apartments on Grand Oaks Avenue and Mar Vista Avenue were purchased by OLCH Realty Investment LLC., and the complex on North Wilson was acquired by A Lily Investment.
The patriarch of the selling family recently passed away, leaving the heirs with a significant real estate portfolio, a looming estate tax bill, and the daunting task of managing the transition from passive investor to active manager of this portfolio, said Beebower.
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