A new multifamily development is set to take shape in Pasadena after international real estate firm Hines recently announced that it has acquired a patch of land on which it intends to develop a residential community. The company will develop a for-rent residential community in a submarket that it has deemed one of the strongest for such projects in Southern California. Handling the development process will be Hines’ Multifamily Division, an entity created in 2011 to better manage and develop the company’s multifamily assets.
The 212-unit rental apartment building will be constructed in the near future on the newly acquired 3.5-acre parcel located at the corner of Sierra Madres Villa Road and Foothill Boulevard, in the immediate vicinity of the 210-freeway. The structure will include a four-story apartment building located over a two-level resident parking facility, in a neighborhood that features a host of restaurants and convenience retail. The area provides easy vehicular and public transit access throughout the city of Pasadena and the greater Los Angeles area.
Set to be a Class A transit-oriented development, the property will aim for best-in-class status, according to the desires of developer Hines. This multifamily project in Pasadena promises to open a new door for residential development by the company throughout the state as Hines Multifamily Division’s Senior Managing Director Alan Patton has mentioned that the company “has a legacy of delivering high-quality projects all over the world, and we expect that to continue with our multifamily product throughout California.”
Image courtesy of user Bobak Ha’Eri via Wikimedia Commons