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Marcus & Millichap Lists $21M Multifamily Complex

PASADENA, CA-The 84-unit property, Mark Pasadena, has the potential for upgrade, increased rental income.

By Morris Newman | Updated on November 04, 2011

PASADENA, CA-Institutional Property Advisors, a recently formed unit of Marcus & Millichap, has received the $21 million listing for the 84-unit Mark Pasadena apartment complex in Pasadena. Originally built in 1973 and renovated in 2007, the complex is currently receiving rents that average 14% less than more recent units in the area.

“The renovation from a few years back was a moderate one, so if a new buyer came in and brought the property to a class A standard, that rental income would reflect that,” says Kevin Green, an associate director at Institutional Property Advisors, who shares the listing with Greg Harris. They represent the seller, a private investment group.

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