A private family office has acquired a 23-unit, condo-mapped multifamily complex in Pasadena. The property is condo and traded hands between two private parties for $8.75 million or $380,000 per unit. A local family office purchased the property in a 1031-exchange and in an off-market deal.

Located at 168 N. Wilson Street, the complex was conceived and built as condominiums in 2005, but the owner converted the property into rental units. It features two-bedroom, two-bath units.

Colliers International VP Brett Bayless and EVP Patrick Swanson, both based in the firm’s Orange County office in Irvine, procured the buyer for the deal.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.