CBRE Facilitates Sale of Los Angeles-Area Community
- Aug 21, 2020
CBRE has arranged the $19.3 million sale of a 69-unit property in Pasadena, Calif.
The firm’s Executive Vice President Laurie Lustig-Bower, Vice President Kamran Paydar, Managing Director Chalvis Evans and Vice President Kyle Barratt worked on behalf of the seller, Fuller Theological Seminary, a Pasadena-based multidenominational evangelical Christian seminary. The buyer, a locally based private investor, was self-represented in the deal.
The property is located at 700 Locust St., just off the Ventura Freeway, which enables access to downtown Los Angeles and the Inland Empire. The community is also close to public transit options including the Metro Gold Line and several bus lines.
Constructed in 1987, the three-story building encompasses a mix of studio, one- and two-bedroom units featuring newly renovated laminate hardwood-style floors, stone countertops, new kitchen cabinets, tile backsplash, recessed lighting, upgraded bathrooms and in-unit washers and dryers. Property amenities include a fitness room, library, internet lounge, courtyards, a conference and a reception room. The seller has also recently upgraded the elevator, the stairwell and the conference room.
In July, CBRE’s brokerage team also arranged the sale of a 72-unit property in Los Angeles’ Koreatown. The community sold for $32.4 million at a 4 percent cap rate.