Theo Pasadena Trades Hands for $67M

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.

Multifamily isn’t the only asset class drawing investors to Pasadena. Earlier this year, a private investor acquired a three-building office portfolio in the market for $80 million from a joint venture between private family office based in Hong Kong and Los Angeles. The three-building office portfolio totals 242,012 square feet and is located in Downtown Pasadena. Cushman & Wakefield’s Mike Condon Jr., Erica Finck, Bailey Dawson and Marc Renard represented the seller in the deal, along with assistance from Shaun Stiles, Steven Marcussen and Katie Cowan.

And, in July General Motors announced that it is moving and expanding its Advanced Design Center to a new location in Pasadena. The firm has invested more than $71 million to create a new 149,000-square-foot campus in Pasadena for the Advanced Design Center operations. The new location will expand capacity and create new jobs in the area. The center is currently located in North Hollywood, but GM decided to move to Pasadena to be closer to technology centers that will help to accelerate GM’s lofty goals, which include zero crashes, zero emissions and zero congestion.