Robin D. Ossenbeck of the Encino Marcus & Millichap office and Seth Polen of the broker's Downtown LA office represented the seller, Kings Villages LP, which has owned the 22-acre project since 1982. The buyer, Clovis-based Pasadena Villages LP, represented itself.
Polen says the buyer plans to rehabilitate the complex, the second largest rental development in Pasadena. The $25-million price tag reflects the rising value of rental units in LA County and other parts of the Southland, where vacancies have dropped to an all-time low of about 2% and rents in many areas have been rising at a double-digit annual rate.
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