"This was a very complex sale because of the different propertytypes involved," says Fisher, who represented the seller along withLee principal Craig Stevens and senior associate Mike Smith of theLee Multi-Housing Investments Group team. The seller was a New Yorkhedge fund that had taken over the properties throughforeclosure.

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Fisher explains that the buyer needed to be one that coulddeliver on the development plans that were approved by the city ofPasadena, "yet also be willing to take on ownership of 27 luxuryapartment units, and the Terrace Villa mansion which is in need ofmuch repair." Another key element to the sale was taking on thetitle and responsibilities of "Master Developer" which runs withthe development portion of the sale.

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The four parcels of condo development land are about 4.8 acres,and including the common area around that total approximately sevenacres. Counting the apartment building land, the total is roughly10 acres.

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

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The property is located at the corner of Green and Orange Grovealong what used to be called Millionaire's Row and directly acrossfrom the Tournament of Roses headquarters. Plans call for luxurytownhomes averaging 2,500 square feet at prices in the neighborhoodof $1.5 million, according to City Ventures. Construction isscheduled to begin in the first quarter of 2011.

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