PASADENA, CA-Buyers have acquired a 23-unit apartment complex here that is slated to be converted to condominiums and a condo development site in Brentwood in two recently closed multifamily transactions, according to Sperry Van Ness and CB Richard Ellis. The apartments traded for $7.2 million and the condominium development site sold for $4.1 million.
In the Pasadena transaction, a private investor based in Arcadia bought the Pasbury Apartments at 166 N. Wilson Ave. from a private investor based in Los Angeles. The buyer was represented by Jim Read of Sperry Van Ness in Irvine, with Marcus & Millichap representing the seller.
Built in 2005 the apartment complex is 100% occupied and consists of 20 two-bedroom, two-bathroom units and three one-bedroom, one-bath units. Rents range from $1,200 to $1,400.
In the Brentwood deal, Team Lustig-Bower of CB Richard Ellis reports that a private developer acquired 1411 and 1415 S. Barry Ave. Preliminary architectural plans call for 18 condominium units, 13 of which will be townhouses. All units are slated to include such luxury amenities as saunas, oval Jacuzzis, wet bars and fireplaces.
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