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| Ronald Harris |
PASADENA, CA, July 16, 2014 – Institutional Property
Advisors (IPA), a division of Marcus & Millichap serving the needs of
institutional and major private real estate investors, has arranged the sale of
the Old Pasadena Collection, two buildings consisting of 91 residential
units, 22 West Green St. and 65 West Dayton St., and two freestanding retail
buildings, 60 West Green St. and 70 West Green St.
The properties are located in Old Pasadena, a designated
historic district in Pasadena, Calif. The collection of properties sold for
$42,630,000.
IPA
executive vice president investments Ron Harris, IPA director Paul
Darrow, and IPA associate director Michael DiSimone represented the
seller, a private party. The buyer is a private investor.
“The Old
Pasadena Collection is a portfolio of high-quality assets in a market known for
its upscale homes, rich cultural history and thriving downtown,” says Harris.
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| Paul Darrow |
“The properties’ pedestrian-friendly Old Town Pasadena
location and proximity to some of the world’s most pioneering companies
position them well to provide durable cash flow and above-average rent growth.”
“This
transaction is a meaningful example of the power that private capital has in
the current marketplace,” adds Darrow.
“The assets’ location and vintage, plus the rarity of the
offering, attracted a great deal of serious interest from both private and
institutional capital.
"Normally, institutional investors who are, generally
speaking, more competitive and better capitalized, purchase opportunities of
this size. In this instance however, a high-net worth private investor was
extremely competitive and acquired the property.”
Built in
2003, the four-story, 48-multifamily unit building at 22 West Green St., called
“Palermo,” is on the southwest corner of West Green Street and South Fair Oaks
Avenue.
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| Michael DeSimone |
The property features 26 one-bedroom/one-bath units and 22
two-bedroom/two-bath apartments. The building also includes four ground-floor
retail suites occupied by a paint-your-own-pottery store, a restaurant and a
dance company.
One suite is vacant. Community amenities include controlled
access, on-site gated parking and a central courtyard. Apartments have
nine-foot ceilings, granite countertops, a black appliance package, full-size
in-unit washers and dryers, track lighting and sunshades. Select units have lofted
ceilings, mountain views, oversized windows and private patios.
The
five-story building located between South De Lacey Avenue and South Fair Oaks
Avenue at 65 West Dayton St., called “Messina,” was constructed in 2004. It
features 43 residential units: two studios, 16 one-bedroom/one-bath apartments
and 25 two-bedroom/two-bath units.
The building also has one ground-floor retail suite that is
currently occupied by a tutoring and college-test-preparation business and the
leasing office for both the Messina and Palermo properties.
Messina is a controlled-access building with on-site gated
parking, a central courtyard and a roof deck with lounge furniture and a
barbecue grill.
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| Old Pasadena Collection, Pasadena, CA |
Apartments include
central air conditioning, nine-foot ceilings, granite countertops, a black
appliance package, in-unit stacked washers and dryers, laminate tile flooring
in the kitchens and bathrooms, carpeted living areas and a two-tone paint
scheme. Select units have private patios.
“Despite
being of relatively recent vintage and featuring luxury finishes, both Messina
and Palermo will be renovated to meet the demands of the current market,” notes
DiSimone.
“Multifamily assets constructed just a decade ago lack some of the
modern finishes and appointments that tenants expect from new
construction.”
Design
Within Reach leases the retail building at 60 West Green St., and 70 West Green
St. is currently the home of Gyu-Kaku, a Japanese barbecue restaurant. Both
buildings were constructed of reinforced brick masonry in 1916 and 1921,
respectively, and consist of 5,750 square feet of rentable space each.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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