21-Unit Fair Oaks Apartments in Pasadena Sells for $3.7 Million
Pasadena, CA, Monday, April 18, 2016– Senior Vice President Izzy Sanchez and Associate Mark Terrell with NAI Capital completed the sale of a 21-unit apartment complex located at 1730 N Fair Oaks Ave in Pasadena, Calif. They both represented the seller 1730 N Fair Oaks Avenue LLC. Vice President Mario Gandara also with NAI Capital represented the buyer Ann L Walker in the transaction. The sale price totaled $3.7 million or $175,238 per unit.
The Fair Oaks Apartments is a two story 13,124 square foot complex built in 1963. It is comprised of 19 units with 1 bedroom/1 bath and 2 units with 2 bedrooms/1 bath. The property is situated in a nice neighborhood several blocks from John Muir High School and Washington Accelerated Elementary School. At the time of the sale the building was 100% occupied. The vacancy in Pasadena for apartment is extremely low due to heightened demand, which has contributed to escalating rents and outstanding sales prices with exceptionally low cap rates. Terrell said, “The owner had this property in their portfolio since 2000. Market conditions made it the perfect time to sell.”
Gandara added, “Pasadena is one of the most recognizable cities in Los Angeles and desirable for apartment ownership. Rental units will remain in demand there. This was a very unique transaction. It was an off-market deal, involving a 1031 exchange and took two months to close. This will be long term hold potential for the new owner.”
Sanchez said, “1031 exchanges are difficult to complete, with limited timeframes and availability of product for sale, this property presented the seller with the opportunity to pull out the equity from their real estate and put it to work on another investment.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 375 offices and 6,700 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840.
To learn more, visit www.naicapital.com
About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.
NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.
To learn more, visit www.naiglobal.com.
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