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| 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.
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| 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.”
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| 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
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