Mary Ann King and Scott Davis, both with Moran & Co. in Costa Mesa, represented the buyer and the seller. The complex at Colorado Boulevard and Green Street, completed in 2002, sits atop the 557,000-sf Paseo Colorado retail and entertainment complex. The combined housing, retail and entertainment complex has been one of the most talked-about developments in Southern California in recent years, with speakers at real estate seminars and conferences often citing it as an example of the viability of mixed-use housing and retail projects in the Southland.
The property, which the new owner has renamed Terraces at Paseo Colorado, was 80% occupied at the time of the sale. Its 391 units--a mix of conventional and loft-style apartments--include studios of 583 sf, one-bedrooms of 763 sf, and two-bedroom units of 1,088 sf to 1,361 sf. Monthly rents range from $1,394 to $1,541 for the studios; $1,724, to $1,942 for the one-bedrooms; and 2843 to $3,014 for the two-bedroom units. In addition, the two-bedroom units include four live-work lofts renting for $4,667. The units include 217 one-bedrooms, 95 two-bedrooms and 79 studios.
The complex features hardwood floors, built-in bookcases, track lighting and ceiling heights of up to 11 feet. Common-area features include a fitness center, pool and eight outdoor courtyards that feature gas grills, fireplaces, fountains and teakwood lounge furniture. The complex is within walking distance of Old Town Pasadena and three blocks of the new Gold Line light rail station, which is expected to open in July to provide direct service to Downtown Los Angeles.
The Terraces at Paseo Colorado will be managed by Metric Property Management, a subsidiary of SSR Realty. Buyer SSR is a subsidiary of MetLife and an affiliate of State Street Research & Management Co. of Boston.
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