Private Investor Buys Pasadena Condo-Mapped Site

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.