Waterford Property Company has acquired Theo Pasadena from SummerHill Apartment Communities for $67 million. The 105-unit property is located between Old Town Pasadena and South Pasadena. The sales price equates to $638,095 per unit.
Theo Pasadena was built in 2020, and it features a central courtyard with a swimming pool, fitness center, cyber lounge and co-workspace, and rooftop dog park. The interior units feature dual-pane windows, USB charging outlets and private outdoor space in the form of either a balcony or patio. The property is within a mile of Pasadena City College, Fuller Theological Seminary and the California Institute of Technology.
California Statewide Communities Development Authority provided financing for the transaction. The authority finances apartment properties with affordable-housing units by issuing tax-exempt bonds. Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors brokered the transaction.
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Kelsi Maree Borland
