Luxury Pasadena, CA Apartment Complex Sold by IPA

  

Anita Paryani

                                                                      PASADENA, CA – Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Orange Grove Circle, a 64-unit apartment community in Pasadena, Calif. 

The terms of the commercial real estate sale were not released.

            IPA executive vice presidents investments Greg Harris and Ron Harris, along with IPA directors Kevin Green, Joseph Grabiec and Paul Darrow, and associate Michael DiSimone, advised the seller, Orange Grove Circle Communities LLC. The buyer is M West Holdings LLC.

Jake Roberts and Anita Paryani, both first vice presidents capital markets in IPACM’s West Los Angeles office, structured the debt. 

The loan has a 30-year term and a five-year fixed interest rate of 3.16 percent. The loan-to-value is 63 percent and includes five years of interest only.

Orange Grove Circle, Pasadena, CA

Orange Grove Circle was designed in 1956 by Los Angeles firm Langdon Wilson and built on nearly six acres of the former Adolphus Busch estate along Pasadena’s historic “Millionaire’s Row.”

In the early 1900s, the cofounder of the Anheuser-Busch brewery built an English-style mansion in this popular summer resort area overlooking the Arroyo Seco canyon and remnants of his elaborate gardens may still be seen in various spots around the neighborhood.

Until the 1930s, there were as many as 55 mansions on and around the west side of Orange Grove Boulevard, formerly known as Orange Grove Avenue or “The Mile of Millionaires.”

Greg Harris

The Orange Grove Circle apartment complex features mid-century architecture, a private cul-de-sac, a secluded terrace with a heated swimming pool, cascading fountain, fireplace, gas barbecue, lounging and dining area, manicured landscaping and a citrus tree garden.

            “Orange Grove Circle has received common area and exterior renovations, yet only 19 units have been fully renovated,” says Greg Harris. “The new owner is well positioned to create revenue enhancements by upgrading the remaining 45 units in a market where there is high demand for luxury apartment homes.”

“Orange Grove Circle provides its residents with quiet living in a tranquil, low-density setting that has a distinguishable advantage over the nearby competitive set,” adds Ron Harris.

Located at 435 Orange Grove Circle, the property features two-, three- and four-bedroom apartment homes that average 1,821 square feet.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager                                              

(925) 953-1716