Newmark arranged the $60 million sale of Pasadena Gateway Villas, a 140-unit multifamily community located at 290 North Hudson Avenue in Pasadena. The buyer was Hines.
Co-head, U.S. Capital Markets Kevin Shannon, senior managing director Chris Benton, vice chairmen Ken White and Dean Zander, executive vice chairman Mitch Clarfield, managing director Anthony Muhlstein and senior financial analyst Gabe Munson represented the seller, Washington Capital.
“Pasadena Gateway Villas is a beautifully maintained apartment community that has been owned and managed by the same group since its construction in 2002,” said Benton. “Under new ownership, a value-add plan will be implemented to make the property comparable with the preeminent resort-style properties in the market. Its strong fundamentals—favorable transaction size, prime location and strategic positioning—make it a standout asset in a submarket poised for growth and constrained by a lack of new supply coming in the near future.”
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a leading advisor and service provider to large institutional investors, global corporations and other owners and occupiers of commercial real estate. We offer a diverse array of integrated services and products designed to meet the full needs of our clients.
Hines is a leading global real estate investment manager. We own and operate $93.0 billion* of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 31 countries draw on our 68-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate.
