LA-Area Property Commands $66M
- Jul 25, 2018
A joint venture of Mack Real Estate Development LLC, Mill Creek Development, Pacifica Capital Investments LLC and ARKA Properties has sold The Andalucia, a 118-unit, resort-style property in Pasadena, Calif., for $66.1 million. HFF arranged the sale on behalf of the sellers and the buyer is a foreign private investor.
Situated at 686 East Union St., the property is in Pasadena’s Playhouse District, within walking distance of dining and shopping options on Colorado Boulevard. The Andalucia is near interstates 210 and 710, roughly 12 miles from downtown Los Angeles.
Completed in 2017, the six-story, podium-style building comprises a mix of studio, one- and two-bedroom units, averaging 891 square feet. Additionally, the property features 11 affordable units and 7,500 square feet of retail space. Communal area amenities include:
- controlled access
- fitness center
- business center
- covered parking
HFF’s investment advisory team representing the seller included Managing Director Blake Rogers and Senior Managing Director Sean Deasy. In April, the team brokered the $24 million sale of Infinity West, a 43-unit community in West Hollywood.
Image courtesy of HFF