Hines Buys Pasadena Apartments For $60M
Hines bought a 140-unit Pasadena apartment complex for $60M, or roughly $429K per unit.
The property, the Pasadena Gateway Villas, sits just south of Lake Avenue and the 210 Freeway at 290 N. Hudson Ave.
The sale was first reported by Traded.
The complex was built in the early 2000s by Operating Engineers Pension Trust. Traded lists the seller as Washington Capital Management. The Seattle-based firm acted as a financial adviser on other OEPT properties in Pasadena that have transacted.
"The offer activity on this 20-year-old luxury community was unmatched in terms of number of offers, aggressive nature of the bids and breadth of investor profile," Newmark Vice Chairman Dean Zander said. "Investor appetite for assets of this size, age and location remains quite resilient and robust."
Zander, along with Newmark's Chris Benton, Anthony Muhlstein, Kevin Shannon and Ken White, represented the seller.
The property offers studio to three-bedroom floor plans and amenities including a pool, gym, resident clubhouse and covered parking, according to its website. The property is a short walk to a popular section of Colorado Boulevard around Lake Avenue and walkable to Old Town Pasadena.
The occupancy rate in the Pasadena-Burbank-Glendale submarket was 96% in the fourth quarter, according to a Colliers report. The Pasadena Gateway Villas' per-unit price was well above the submarket average of approximately $380K.
