Fair Oaks Apartments, a 21-unit complex in Pasadena, has traded hands between two private investors. The value-add deal provided significant upside for the buyer, with rents 20% below market value and no rent control restrictions.

Located at 1730 N Fair Oaks Ave, Fair Oaks Apartments was built in 1963 and features mostly one-bedroom and one-bathroom units and two two-bedroom/one-bathroom units. The property traded for $4.4 million.

VP Mario Gandara along with associates Ramzy Prado and Jenny Eng with NAI Capital's Multifamily Services Group represented both of the buyer and the seller in the deal.

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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