NAI Capital has facilitated the $4.4 million sale of Fair Oaks Apartments, a 21-unit community located in Pasadena, Calif. Vice President Mario Gandara along with Associates Ramzy Prado and Jenny Eng with NAI Capital’s Multifamily Services Group completed the sale. The team represented the buyer and seller, both private investors. According to Gandara, the transaction is a value-add investment opportunity as the building is not subject to rent control and rents are 20 percent below market.
Located at 1730 N. Fair Oaks Ave., the asset is 13 miles northeast of downtown Los Angeles. The community offers easy access to Interstate 210 and is close to public transportation lines. California Institute of Technology is within 4 miles of the property.
Completed in 1963, the two-story building encompasses 19 one-bedroom/one-bathroom units and two two-bedroom/one-bathroom units. Recently, NAI Northern California arranged the $14 million sale of Vermont Apartments, a 44-unit community in Oakland, Calif.
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