Los Angeles – CBRE announced the sale of Lina Pasadena, a six-unit multifamily community in Pasadena, Calif. for $2.7 million to a private investor.
Eric Chen of CBRE represented the seller entity, two partners who purchase the property back in 2016.
Located at 84-88 N. Catalina Avenue, the 5,032 square-foot property recently underwent a complete renovation with high-end finishes in all units. The revamp includes new plumbing, new electrical wiring and new windows. The two-story apartment complex was originally built in 1924 on a 10,949 square-foot lot and features five garages and five open-space parking lots. The average unit size is 839 square-feet.
The site is two blocks from Old Town Pasadena, a neighborhood with many dining, retail and entertainment venues. In walking distance from the property are two popular theatres, The Pasadena Playhouse and Laemmle’s Playhouse 7. Lina Pasadena is one half-mile from the Metrolink Gold Line and the I-210 freeway, both of which connect Pasadena to all of northeast Los Angeles County.
“This property provides the buyer with an extremely rare “pride of ownership” asset in a prime Pasadena location,” said Chen. “The recent renovations have only improved the value of the asset, as over $50,000 was put into each unit. This asset also offers a future development opportunity, as the city allows for the construction of a higher density building on this parcel.”
The multifamily market in the Greater Los Angeles area remained healthy in the first quarter, with a favorable vacancy rate and solid rent growth, according to the latest CBRE report. Construction activity was strong with completions totaling 13,600 units for the year ending in Q1 -- up 65.7 percent from the preceding four quarters. Nevertheless, demand in Los Angeles exceeded new supply with 14,803 units absorbed over the same time period. The vacancy rate in Los Angeles was 3.7 percent in the first quarter, down 10 basis points year-over-year, with rents rising 3.7 percent from the prior year.
Eric Chen of CBRE represented the seller entity, two partners who purchase the property back in 2016.
Located at 84-88 N. Catalina Avenue, the 5,032 square-foot property recently underwent a complete renovation with high-end finishes in all units. The revamp includes new plumbing, new electrical wiring and new windows. The two-story apartment complex was originally built in 1924 on a 10,949 square-foot lot and features five garages and five open-space parking lots. The average unit size is 839 square-feet.
The site is two blocks from Old Town Pasadena, a neighborhood with many dining, retail and entertainment venues. In walking distance from the property are two popular theatres, The Pasadena Playhouse and Laemmle’s Playhouse 7. Lina Pasadena is one half-mile from the Metrolink Gold Line and the I-210 freeway, both of which connect Pasadena to all of northeast Los Angeles County.
“This property provides the buyer with an extremely rare “pride of ownership” asset in a prime Pasadena location,” said Chen. “The recent renovations have only improved the value of the asset, as over $50,000 was put into each unit. This asset also offers a future development opportunity, as the city allows for the construction of a higher density building on this parcel.”
The multifamily market in the Greater Los Angeles area remained healthy in the first quarter, with a favorable vacancy rate and solid rent growth, according to the latest CBRE report. Construction activity was strong with completions totaling 13,600 units for the year ending in Q1 -- up 65.7 percent from the preceding four quarters. Nevertheless, demand in Los Angeles exceeded new supply with 14,803 units absorbed over the same time period. The vacancy rate in Los Angeles was 3.7 percent in the first quarter, down 10 basis points year-over-year, with rents rising 3.7 percent from the prior year.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
