Fair Oaks Apartments, a 21-unit complex in Pasadena, has traded hands between two private investors. The value-add deal provided significant upside for the buyer, with rents 20% below market value and no rent control restrictions.
Located at 1730 N Fair Oaks Ave, Fair Oaks Apartments was built in 1963 and features mostly one-bedroom and one-bathroom units and two two-bedroom/one-bathroom units. The property traded for $4.4 million.
VP Mario Gandara along with associates Ramzy Prado and Jenny Eng with NAI Capital's Multifamily Services Group represented both of the buyer and the seller in the deal.
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