PASADENA, CA-Institutional Property Advisors, a recently formed unit of Marcus & Millichap, has received the $21 million listing for the 84-unit Mark Pasadena apartment complex in Pasadena. Originally built in 1973 and renovated in 2007, the complex is currently receiving rents that average 14% less than more recent units in the area.

“The renovation from a few years back was a moderate one, so if a new buyer came in and brought the property to a class A standard, that rental income would reflect that,” says Kevin Green, an associate director at Institutional Property Advisors, who shares the listing with Greg Harris. They represent the seller, a private investment group.    

“Very few assets of this size are on the market in the Pasadena, especially ‘upsize’ assets of 75 units and more,” says Green. “Plus, the area is close to shopping on Lake Avenue, the Paseo Colorado mall on Colorado Boulevard and the Old Pasadena retail area,” he adds.         

Among the amenities of the Mark Pasadena complex are gated underground parking, a heated swimming pool and spa, a rooftop sundeck lounge and six on-site laundry facilities. Pasadena’s central location in relation to major employment centers has contributed to the city’s growing popularity as an office market, according to Harris.

By itself,the city is home to 110,000 jobs and 23 million square feet of office space within a five-mile radius of the Mark Pasadena,” Greer says. The neighboring cities of Glendale, Burbank, plus the downtown area of Los Angeles together host 690,000 day-time jobs and contain more than 100 million square feet of office space.

Marcus & Millichap recently formed Institutional Property Advisors to work with both institutional investors and high-net-worth individuals in multifamily deals, as previously reported.