Los Angeles – Sept. 13, 2021 – CBRE announced the sale of a 22-unit multifamily community in Pasadena, Calif., to a local private investor for $7.95 million. Eric Chen, Joyce Goldstein and Simon Dillon represented the seller, a private investor.
Located in Pasadena’s Playhouse District at 175 S. Madison Avenue, the two-story, 18,162 square-foot property was constructed in 1960, featuring a unit mix of one- and two-bedroom apartments with an average size of 826 square-feet. 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.
“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.”
CBRE’s Ryan Wilkinson, facilitated financing on behalf of the buyer, who acquired the asset as part of a 1031-exchange.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.