BRAD Management Picks up Two South Pasadena Residential Buildings
- Sep 30, 2016
Los Angeles—An affiliate of BRAD Management has received a $14.9 million floating-rate commercial mortgage for the acquisition and renovation of two residential buildings located in the South Pasadena submarket. Thorofare Capital arranged the financing measure to include a $2 million CapEx facility that will be used to carry out upgrades at the community. The transaction was arranged by Marcus and Millichap’s The Azzi Group on behalf of both parties involved.
Located at 1645 and 1653 Amberwood Drive in South Pasadena, Calif., the two buildings total 63 residential units. Both properties offer two-bedroom units, and are likely to be unified into a single residential community in the highly sought after South Pasadena school district. The positioning of the two buildings near the intersection of Arroyo Seco Parkway and South Fair Oaks Avenue means that residents have easy access to transportation, retail locations and dining.
Both buildings offer similar amenity packages consisting of a swimming pool, on-site laundry facilities, and a variety of parking options. According to Thorofare CIO Brendan Miller, the buildings had been owned by the same party for the past four decades, a common trait in most South Pasadena multifamily assets. “Given the properties’ A+ location, we believe that with a thoughtful renovation and professional management, the sponsor will be able to realize substantial cash-flow appreciation by creating a “first-to-rent asset” commanding market level or better rents,” Miller said in a prepared statement.
Image courtesy of Thorofare Capital