Lee & Associates-LA North/Ventura Transacts Historic Orange Grove Manor Apartments Sale
Property trades in excess of the $9.5 million listing price
PASADENA, CA – Jan. 12, 2015 – A private investor has acquired The South Orange Grove Apartments, a historic four-building property totaling 20 units that sits on what was Millionaire’s Row along the Rose Parade route in Pasadena, CA, according to Jim Fisher and Mike Smith, principals of Lee & Associates-LA North/Ventura, www.lee-associates.com, who represented the seller, an entity of City Ventures.
The property, at 164, 168, 172, 176 and 180 S. Orange Grove Blvd., drew multiple offers and sold for several hundred thousand dollars over the listing price of $9.5 million. Additional details and terms of the sale were not disclosed.
“The multifamily sector is so active that just about every property is commanding a premium over the listing price these days,” said Fisher. “We don’t see that changing until there’s a significant rise in the cost of money.”
The South Orange Grove Apartments were the first multifamily structures to be constructed on South Orange Grove Boulevard following a zoning change in 1948. Their construction in 1949-1950 interrupted what had been known as Millionaire’s Row, characterized by the 50 or so mansions that were constructed along the boulevard beginning in the 1920s when prominent families built vacation homes there to escape the winter climates to the east and north. Among the homes on Millionaire’s Row were The Gamble House (Procter & Gamble) The Bissell House (carpet sweepers and more recently vacuums) and Wrigley (gum) Mansion.
“Besides the tremendous historical significance, this property is highly attractive to investors because of its character and features,” said Smith. “Most of the units have wood-burning fireplaces, hardwood floors and crown molding, in-unit washers and dryers and they average about 1,300 square feet, features that are very much in demand by renters. Each unit also has a front and rear entrance, something you just don’t see in today’s product.”
The buyer, Unison Investment Co., was self-represented in the transaction.