Multifamily sales activity has declined slightly in the Pasadena market, but Mark Ventre, SVP at Stepp Commercial, says interest remains strong and cap rates are expected to increase next year. He points to healthy fundamentals, like improving local employment and increased population, as drivers of the strong investor demand. We sat down with Ventre for an exclusive interview to get an inside look at the market.

GlobeSt.com: How does the multifamily market in Pasadena compare to the other Tri-Cities markets in terms of tenant demand, rental rates, etc.?

Mark Ventre: The Tri-Cities performed remarkably well this year. In fact, the metrics are surprisingly similar for all three cities in 2017, with an average price per square foot of $371 for Burbank, $377 for Glendale and $376 for Pasadena. Their non-rent control status, improving local employment, increase in population, and high barriers to entry have allowed these markets to flourish in the past several years.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.