A 45-unit apartment building in Pasadena has sold for $14 million, CBRE Group Inc. announced Jan. 10.

CBRE’s Priscilla Nee represented the seller, a private trust. The building was purchased by a local private investor whose name was not disclosed.

The building, located at 165 N. Michigan Ave., has 18 one-bedroom, one-bathroom units; 24 two-bedroom, two-bathroom units and three three-bedroom, two-bathroom penthouse units.

“The property’s desirable Pasadena location and significant value-add opportunity attracted both private and institutional buyers, resulting in multiple offers and a final sales price above the listed price,” Nee said in a statement. “This is a high-barrier-to-entry market with average housing values above $900,000. Properties of this size rarely become available.”

The buyer secured a 10-year fixed loan from Novo Capital Partners for the purchases.

Commercial real estate reporter Hannah Madans can be reached at [email protected]. Follow her on Twitter @HannahMadans