CBRE arranged the sale of Avila Apartments, a 201-unit Class A multifamily property at 75 West Walnut Street in Pasadena, California, to an undisclosed investment firm.
CBRE’s Derrek Ostrzyzek, Rachel Parsons, Mike Murphy and Kenji Thomas represented the seller, Greystar, in the transaction. Troy Tegeler and Ryan Greer, of CBRE’s Debt and Structured Finance practice, facilitated the loan on behalf of the buyer.
Built in 2018, the 201-unit property offers studios, one- and two-bedroom luxury apartments with an average unit size of 875 square feet. Each unit has stainless steel appliances, hardwood floors and in-unit washer and dryers.
“This sale underscores the continued strength and resilience of the multifamily market in Southern California, particularly in well-established, supply-constrained submarkets like Pasadena,” said Ostrzyzek, executive vice president at CBRE. “We’re proud to have facilitated this high-profile transaction on behalf of Greystar and congratulate both parties on a smooth closing.”
Located in the heart of Pasadena, Avila Apartments benefits from proximity to Old Town Pasadena, the Metro Gold Line and major employment centers. The area offers walkable access to a mix of restaurants, shops and cultural attractions, as well as easy connectivity to downtown Los Angeles and surrounding cities via Interstate 210 and State Route 134.
According to research analyzed by CBRE, Pasadena’s strong rental demand, limited new supply and affluent demographics make it one of the most sought-after submarkets in Southern California.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development).
