Jeffrey Louks of Marcus & Millichap's Encino office, who brokered the deal, says the sale closed at a 7.1% cap rate and works out to $126,012 per unit or $150 per sf. Louks describes the complex as a favorably located, well-kept, non-rent control property in one of Pasadena's most desirable locations.
The Waterstone at Pasadena Apartments is located at 110 El Nido Ave, next to the affluent Chapman Woods neighborhood. Built in 1968, the holding consists of nine studios; 21 one-bedroom, one-bath units; 34 two-bedroom, one-bath apartments; 12 two-bedroom, one-and-one-half-bath floor plans; four two-bedroom, one-and-three-quarter-bath units, and four two-bedroom, two-bath apartments. Studios are 400 sf and rent for $900, while one-bedrooms range from 680 sf to 900 sf and rent for $1,225 to $1,250. Two-bedrooms range from 900 sf to 1150 sf and rent for $1,350 to $1,435.
The community features controlled-access, on-site laundry facilities, covered parking, pool, fountains, lush landscaping and koi ponds. Occupancy is currently 97%.
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