Los Angeles-based Hill Street Realty is expanding its holdings across the greater area with the recent acquisition of an 86-unit apartment building in Pasadena. The property was sold for $38 million, or approximately $441,860 per unit, in a deal that closed on Nov. 15. The Guardian Life Insurance Company of America was the seller in the transaction, according to public records.
The three-story apartment building is located at 975 Pasqual St. and was built in 1973. Apartments.com also shows that the property offers one- and two-bedroom apartment options, ranging from 800 to 1,300 square feet. Rental rates at the property also average $3,017 per month.
In addition, the property offers several tenant amenities, including private balconies, barbecue areas, extra storage space, onsite maintenance, a picnic area and a swimming pool, among other features.
The apartment community is located between Interstates 110 and 210 and is also just a short distance to Historic Old Pasadena, offering a number of retail and dining amenities. In addition, the property is just a short drive to the Rose Bowl Stadium.
Overall, Pasadena has seen strong demand from both tenants and investors in recent months. According to a third quarter multifamily market report from Matthews Real Estate, Pasadena’s current vacancy rate is 2.5 percent, compared to 4.9 percent during the height of the COVID-19 pandemic in 2020. At the same time, asking rents have increased by 6.2 percent to $2,984 per month. Over the last year, sales volume has also increased to $281 million, with prices ranging from $340,000 to $380,000 per unit on average.
