AHDC Sells 313-Unit Affordable Housing Community in Pasadena for $223MM

Kings Villages, Pasadena, Affordable Housing Corporation, Clovis, Rose Bowl Stadium, Norton Simon Museum, California Institute of Technology, Los Angeles, California Statewide Community Development Authority, Waterford Property Company

By Catherine Sweeney

Over the past several months, Pasadena has seen a large number of multifamily sales. Most recently, Kings Village, an affordable housing community totaling 313 units in Pasadena, sold to an undisclosed buyer for $223 million, or approximately $712,460 per unit, a closing announcement from CBRE showed. The property was sold by the Affordable Housing Development Corporation.

According to public records, the Clovis-based company acquired the site at 1141 North Fair Oaks Avenue in 2000 for approximately $25 million, renovating it shortly after in 2001. The property features a mix of one-, two-, three-, and four-bedroom apartment units ranging from 654 to 1,234 square feet. 

The property was built in 1971 and features a variety of amenities on more than ten acres of land. These include a fitness center, community clubhouse, playground and laundry facilities. 

Located in Pasadena, the property benefits from its proximity to nearby popular attractions, including the Rose Bowl Stadium, the Norton Simon Museum and the California Institute of Technology. The property is also  just a short drive from Downtown Los Angeles and has easy access to much of Southern California from nearby Interstate 210 and State Road 134. 

Pasadena has seen a number of multifamily transactions over the last several months, but the Kings Villages sale is by far the priciest. Also in November, Waterford Property Company in partnership with the California Statewide Community Development Authority acquired Theo, a 105-unit multifamily community for $67 million. Located at 289 N. El Molino Avenue, the property also offers affordable housing for residents making between 60 to 120 percent of the area’s median income. 

In September, a 22-unit multifamily property at 175 S. Madison Avenue sold for $7.95 million, and a 42-unit apartment complex at 1760 State Street sold for $14 million. Buyers in both transactions were not disclosed at the time of the sale.