Kevin Lutz of Sperry Van Ness in Pasadena represented the seller, with Tony Azzi of Marcus & Millichap and Robert Factor of Remax representing the buyer. Lutz says the property was attractive to the buyer due to its location in an area with high rental demand. Besides attracting buyers, Pasadena has attracted a number of apartment developers in recent years who have completed in-fill projects to meet the demand.
Built in 1964, the one-building complex includes 18 one-bedroom, one-bath units, 24 two-bedroom, 1.75-bath units, and three three-bedroom, two- bath units with rents ranging from $875 to $1,725. At the time of the sale the complex was 94% occupied. Recently, 65% of the units underwent major upgrades that included the addition of crown molding, Italian tile counters and floors, new lighting fixtures, and ceiling fans.
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