Pension Fund Markets TOD Apartments at $37M

PASADENA, CA-The owner of the Acappella Pasadena apartments has placed the 143-unit complex on the market at an asking price of $36.9 million and has named Dean Zander and Vince Norris of Hendricks & Partners to market the property. The transit-oriented project, owned by a Pennsylvania-based pension fund adviser, is the second multifamily marketing assignment this month in the Tri-Cities area of the San Fernando Valley for the Hendricks & Partners team, following their assignment to list a 145-unit Burbank property.

Located adjacent to the Metro Gold Line and built in 2002, Acappella has never been openly marketed, having been purchased directly from Phoenix-based developer SNK just after its completion in 2002, Zander points out. He tells told Globe St.com, “In today’s supply-constrained market, a core offering like Acappella will attract a significant amount of offer activity.” Zander adds that, “With equity continuing to outpace available offerings, the market continues to see significant cap rate compression”.