Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Theo Pasadena, a 105-unit apartment property in Pasadena, California. The property sold for $67 million, or $638,095 per unit.
“Theo Pasadena is the epitome of quality, setting itself apart from competitors in every aspect,” said Kevin Green IPA executive director. “The property will undoubtedly be one of the marquee assets within the buyer’s growing portfolio.” Green and IPA’s Greg Harris and Joseph Grabiec represented the seller, SummerHill Apartment Communities, and procured the buyer, Waterford Property Company.
The sale represents IPA’s first transaction with Waterford Property Company and its sixth closing with a buyer using joint power authority structured financing. The transaction was financed by California Statewide Communities Development Authority (CSCDA), which has financed affordable-housing units by issuing tax-exempt bonds for cities to use on development projects that benefit the public since 1988.
Theo Pasadena is between Old Town Pasadena and South Pasadena close to Pasadena’s Playhouse District. The Los Angeles Metro’s Memorial Park Station is one mile away and Pasadena City College, Fuller Theological Seminary and the California Institute of Technology are within proximity.
Built in 2020, the property has a central courtyard with a swimming pool, fitness center, cyber lounge and co-workspace, and rooftop dog park. Apartments have over-sized dual-pane windows, USB charging outlets, and a private balcony or patio.