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@example.com. Follow her on Twitter @HannahMadans
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