Partnership Sells Pasadena Value-Add Apartment Deal

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.