Saturday, February 25, 2012

AvalonBay Acquires The Mark Pasadena in Greater Los Angeles






PASADENA, CA –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has closed the sale of The Mark Pasadena (top left photo), an 84-unit apartment building in Pasadena. The terms of the sale were not disclosed.

 Greg Harris (middle right photo), an executive vice president investments and Kevin Green (lower left photo), an associate director, represented the seller, a private investment firm based in California. Harris and Green also represented the buyer, AvalonBay Communities Inc.

 “The new ownership is well positioned for Los Angeles’s shift into a more vigorous job-growth cycle,” says Harris. “This year, employment increases are projected to expand the area’s renter pool and enable owners to continue pushing rents.”

            “The Mark Pasadena’s central location within the adjoining employment centers of Glendale, downtown Los Angeles and Burbank make it a perennially attractive apartment community,” adds Green. “Pasadena alone has a daytime job base of 110,000.”

The three-story, 70,648-square foot apartment building is located at 385 South Catalina Ave. in a quiet residential neighborhood a few blocks from historic Old Town Pasadena and adjacent to Colorado Boulevard, one of Greater Los Angeles’ most popular entertainment and shopping areas.
   
 The Mark Pasadena was constructed in 1973 and moderately updated in 2006 and 2007. The property features a variety of floor plans and many community amenities, including gated subterranean parking, a heated swimming pool and spa, a rooftop sundeck lounge and six on-site laundry facilities. The units feature central air conditioning and heating, plush Powerball carpeting, mirrored wardrobes, breakfast and wet bars in select units, gas-burning fireplaces and private balconies or patios.

The property is comprised of 36 one-bedroom/one-bath units, 20 one- bedroom/1.5-bath-with-den units, 12 one-bedroom/1.5-bath townhome-style units, four two-bedroom/1.5-bath units and 12 two-bedroom/two-bath units.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716


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