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Pasadena Apartment Complex Sells for $14M

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 hmadans@labusinessjournal.com. Follow her on Twitter @HannahMadans

Hannah Welk
Hannah Welk
Hannah (Madans) Welk is the editor-in-chief at the Los Angeles Business Journal and Inside The Valley (formerly the San Fernando Valley Business Journal). She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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