PASADENA, CA—M West Holdings has purchased Orange Grove Circle from Orange Grove Circle Communities LLC. Located at 435 Orange Grove Circle in Pasadena, the multifamily property has 64 units and sits on six acres on the former Adolphus Busch Estate along Pasadena's historic “Millionaire's Row.”

The previous owners began upgrading the property, and were able to complete 19 units before the sale. M West Holdings plans to upgrade the remaining 45 units to position the property to benefit from the high demand for luxury properties in the area. In fact, demand for luxury multifamily is gaining momentum throughout the city, and is driving investors and developers to look for high-end opportunities in markets like Brentwood, West Hollywood and Bel Air.

In the early 1900s, the Orange Grove Circle site was originally home to an English-style mansion. Then in 1956, Langdon Wilson designed the multifamily property on six acres of the estate. The apartment complex now features midcentury architecture and a private cul-de-sac. The onsite amenities include a citrus tree garden, a swimming pool and a lounging and dining area with a gas barbeque and fireplace. The property has a mix of one-, two- and three-bedroom apartments with an average of 1,821 square feet.

The sales price for the property was not disclosed, however, the brokers of the deal reveal that the buyer secured a 30-year loan with a five-year fixed interest rate of 3.16% and a 63% loan-to-value. Institutional Property Advisors Capital Markets first VPs Jake Roberts and Anita Paryani secured the funds on behalf of the buyer, while Institutional Property Advisors EVPs Greg Harris and Ron Harris, directors Kevin Green, Joseph Grabiec and Paul Darrow, and associate Michael DiSimone represented the seller in the transaction. They did not respond to a request for comment before the publication of this story.