Kidder Mathews is pleased to announce the sale of three multifamily properties located in Pasadena, California for a combined total of $7,000,000:
174 North Mar Vista Avenue (12 units) sold for $2,674,000. The property was built in 1963 and boasts upgraded units with private patio areas and balconies.
151 North Wilson Avenue (10 units) sold for $2,200,000. The property was built in 1920 and features a prime location with convenient access to amenities and transportation.
113 North Grand Oaks Avenue (8 units) sold for $2,126,000. The property was built in 1979 and apartments feature 2 bedrooms and 1 bathroom each.
Darin Beebower, Mark Ventre, and Arian Rejaei of Kidder Mathews represented the seller, a family trust for Michael H. Saperstein, as well as the buyers for all properties. The apartments on Grand Oaks Avenue and Mar Vista Avenue were purchased by OLCH Realty Investment, LLC., and the complex on North Wilson was acquired by A Lily Investment. The sales achieved some of the lowest cap rates seen this year, coming close to pre-Measure H metrics.
The portfolio was marketed as a significant value-add opportunity with 40% upside. The properties are situated in excellent locations just blocks away from the Playhouse District, Old Pasadena, and South Lake Street. Both buyers plan to hold the properties long-term and increase rents by upgrading the remaining unrenovated units over time.
“The market is undoubtedly evolving, making it increasingly challenging to find buyers willing to invest in areas with strict rent control laws, as is the case with Pasadena as of late last year,” said Rejaei. “We found two great buyers with long hold horizons who saw these assets as an opportunity to own in great Pasadena neighborhoods and increase cash flow over time.”
“The patriarch of the selling family recently passed away, leaving the heirs with a significant real estate portfolio, a looming estate tax bill, and the daunting task of managing the transition from passive investor to active manager of this portfolio,” said Beebower. “Our team assisted the sellers throughout this process: valuing each asset, identifying the best properties to sell, assembling a team of experts to assist in minimizing their tax burden, and ultimately completing the sale of three apartment buildings at premium market prices.”
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 19 offices across Washington, Oregon, California, Idaho, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages over $10 billion in transaction volume, manages more than 55 million square feet of space, and conducts 2,600 appraisal, consulting, and cost segregation assignments annually.
