PASADENA, CA-The owner of the Acappella Pasadena apartments hasplaced the 143-unit complex on the market at an asking price of$36.9 million and has named Dean Zander and Vince Norris ofHendricks & Partners to market the property. Thetransit-oriented project, owned by a Pennsylvania-based pensionfund adviser, is the second multifamily marketing assignment thismonth in the Tri-Cities area of the San Fernando Valley for theHendricks & Partners team, following their assignment to list a145-unitBurbank property.

Located adjacent to the Metro Gold Line and built in 2002,Acappella has never been openly marketed, having been purchaseddirectly from Phoenix-based developer SNK just after its completionin 2002, Zander points out. He tells told Globe St.com, “In today’ssupply-constrained market, a core offering like Acappella willattract a significant amount of offer activity." Zander adds that,"With equity continuing to outpace available offerings, the marketcontinues to see significant cap rate compression”.

According to Norris, the property is expected to sell at a caprate of less than 5% as a core-plus deal. At an offering price of$36.9 million, the property "appeals to most of the institutionalmarket, as well as large private and sponsored capitalinvestors."