Kevin Lutz of Sperry Van Ness, who represented the seller, says the property was 100% occupied at the time of the sale. The two-building complex, which the seller had owned for nearly 40 years, includes 16 one-bedroom, one-bath units and four two-bedroom, one-bath units. The apartments range in size from 650 sf to 750 sf and rent for $600 to $950 per month.
The two-story 15,500-sf Spanish-style building is centrally located in the South Pasadena shopping district, close to entertainment, restaurants and the new Gold Line Mission Street rail station, which is scheduled to open this summer. Lutz says it's in a section of South Pasadena that's known as a family-oriented residential community, with ample shopping and banking locations. Many in commercial real estate circles believe the coming of the new transit line will boost investment in the area. The buyer was represented by Kevin Hurley of Marcus & Millichap.
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