First Ever Multifamily Property on Millionaire’s Row in Pasadena Trades Hands
- Jan 18, 2015
The South Orange Grove Apartments recently traded hands in the Pasadena submarket. The residential property was sold for a price that exceeds the original listing price that was set at $9.5 million. South Orange Grove Apartments was acquired by a private investor from an entity of City Ventures.
The transaction was arranged by a team of representatives of Lee & Associates, who worked on behalf of the seller, which ended up receiving several hundred thousand dollars more than expected. According to Jim Fisher and Mike Smith, principals of Lee & Associates’ LA North/Ventura office, this was due to the fact that the area’s multifamily sector is seeing a lot of activity.According to Fisher, this trend should continue as long as the cost of capital stays at current levels.
The four-building multifamily asset offers a total of 20 units and is located on what was “Millionaire’s Row” at 164, 168, 172, 176 and 180 S. Orange Grove Boulevard, along the Rose Parade route in Pasadena. After a rezoning in the 1940s, South Orange Grove Apartments (built between 1949 and 1950) was the first multifamily building constructed on the Boulevard. The construction essentially marked the end of Millionaire’s Row, an area of 50 mansions constructed by wealthy families in the 1920s. The area still offers a numbers of architectural highlights such as The Gamble House, The Bissell House and Wrigley Mansion.