An entity formed by two private investors has sold a value-add multifamily complex in the Pasadena market. After purchasing the property in 2016, the owners invested $50,000 per unit in the six-unit complex to drive value. The completed product has high-end finishes, new electrical windows and plumbing.

Located at 84-88 N. Catalina Avenue in Old Town Pasadena, the property was built in 1924 on a 10,949 square-foot lot. It is close to the Metrolink Gold Line and the I-210 freeway.

Eric Chen of CBRE represented the seller in the deal. The total sales price was $2.7 million.

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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.

Los Angeles
Multifamily
Capital Markets
West