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PASADENA, CA-Orange Grove Circle Communities LLC has acquired a64-unit apartment complex here for $32 million and plans to convertthe units to luxury condominiums, according to Holliday FenoglioFowler. The buyer acquired the property, which is at 435 OrangeGrove Blvd., from a joint venture of the Los Angeles-basedRatkovich Co. and an institutional partner.

John Crump, an associate director in the Los Angeles office ofHolliday Fenoglio Fowler, notes that the property is built on theformer Anheuser Busch Estate in what Crump describes as "anirreplaceable location" in a part of Southwest Pasadena known as"Millionaire's Row." Crump and HFF executive managing directorScott McMullin in Los Angeles teamed with HFF senior managingdirector Matthew Lawton in Chicago in representing the sellingentity. The buyer was advised by ColRich Residential.