Old Pasadena Collection Snapped Up by Private Investor in $42 Million Transaction

Four buildings in downtown Pasadena were recently part of a $42.6 million mixed-use deal as Old Pasadena Collection traded hands between two private investors. A team of representatives from real estate company Institutional Property Advisors arranged the sale on behalf of both parties.

Four buildings in downtown Pasadena were recently part of a $42.6 million mixed-use deal as Old Pasadena Collection traded hands between two private investors. A team of representatives from real estate company Institutional Property Advisors arranged the sale on behalf of both parties.

The four properties that comprise the Old Pasadena Collection are located at 22 West Green Street, 65 West Dayton Street, 60 West Green Street and 70 West Green Street. The four properties total 91 residential units and a retail component that is unevenly divided between the four buildings. The residential units are located in the buildings at 22 West Green St. and 65 West Dayton St., while the ground floors of these buildings, and the two freestanding projects at 60 W Green St. and 70 W Green St., contain the retail component of the Old Pasadena Collection.

Also known as the Messina, 65 West Dayton St. offers 43 residential units and a ground-floor retail suite that is currently occupied by a tenant and the leasing office for all of the 91 residential units. The 2004-built property offers great resident amenities such as on-site gated parking, a central courtyard as well as a roof deck with lounge-style furniture and grill. In-unit features include central A/C, granite countertops, a black appliance package, stacked washers and dryers, carpeted living areas and a two-tone paint scheme.

The mixed-use building at 22 West Green St. is known as the Palermo and comprises 48 residential units, as well as four ground-floor retail suites, three of which are currently under contract. Amenities at the 2003-built Palermo include similar on-site gate parking and a central courtyard. In-unit amenities are similar to those found in the Messina, with track lighting, sunshades and views of the mountains added in some select units.   

Image courtesy of oldpasadenacollection.com