Hines Buys LA-Area Community for $60M
This is the first time the property traded since its completion in 2002.
Washington Capital has sold Pasadena of Gateway Villas, a 140-unit community in Pasadena, Calif., for $60 million. Hines acquired the Los Angeles-area asset for roughly $429,000 per unit, according to Bisnow.
Newmark brokered the deal on behalf of the seller. This is the first time the property traded since its completion in 2002 and the new owner intends to implement a value-add plan.
Located at 290 N. Hudson Ave., the transit-oriented community is less than a mile from downtown Pasadena and close to Interstate 210. Downtown Los Angeles is 14 miles southwest.
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Pasadena of Gateway Villas consists of two five-story buildings. The unit mix comprises studio, one-, two- and three-bedroom floorplans ranging between 637 and 1,179 square feet. Apartments have private balconies or patios in select layouts, as well as washers and dryers.
Common-area amenities feature a clubhouse, swimming pool and picnic area with barbecue. Additionally, the community has a spa, fitness center, business center and more than 230 parking spaces.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Senior Managing Director Chris Benton, Vice Chairmen Ken White and Dean Zander, along with Executive Vice Chairman Mitch Clarfield, Managing Director Anthony Muhlstein and Senior Financial Analyst Gabe Munson, brokered the deal on behalf of Washington Capital.
Los Angeles sales underperformed in 2024
Los Angeles’ multifamily transactions volume last year clocked in at $2.1 billion, marking the second slowest year for activity in the last 10 years, according to the latest Yardi Matrix report. Despite low activity, the average price per unit rose 6.1 percent year-over-year, reaching $343,521.
Earlier this month, The Bascom Group acquired Highridge Apartments, a 257-unit value-add community in Ranchos Palos Verdes, Calif., for $127 million. The price per unit was $494,163, well above last year’s average.
