"This was a very complex sale because of the different property types involved," says Fisher, who represented the seller along with Lee principal Craig Stevens and senior associate Mike Smith of the Lee Multi-Housing Investments Group team. The seller was a New York hedge fund that had taken over the properties through foreclosure.

Fisher explains that the buyer needed to be one that could deliver on the development plans that were approved by the city of Pasadena, "yet also be willing to take on ownership of 27 luxury apartment units, and the Terrace Villa mansion which is in need of much repair." Another key element to the sale was taking on the title and responsibilities of "Master Developer" which runs with the development portion of the sale.

The four parcels of condo development land are about 4.8 acres, and including the common area around that total approximately seven acres. Counting the apartment building land, the total is roughly 10 acres.

Other portions of the former Ambassador West College campus, are included in a master development agreement with the city of Pasadena that seeks to preserve the gardens, trees and fountains on the site. The new owners will be responsible for managing the association of neighboring owners and care of the common grounds, among other duties.

The property is located at the corner of Green and Orange Grove along what used to be called Millionaire's Row and directly across from the Tournament of Roses headquarters. Plans call for luxury townhomes averaging 2,500 square feet at prices in the neighborhood of $1.5 million, according to City Ventures. Construction is scheduled to begin in the first quarter of 2011.