Vintage Southern California Apartment Building Brings $10.5 Million
February 15, 2017
SOUTH PASADENA, Calif., Feb. 15, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Jolyn Apartments, a 30-unit apartment building in South Pasadena, California. The $10,575,000 sale price equates to $352,500 per unit.
“On the market for the first time since it was built by the seller in 1961, the property presents new ownership with a multitude of value-add opportunities,” says Barry Gordon, senior vice president investments in Marcus & Millichap’s Los Angeles office.
“The buyer responded to a rare opportunity to purchase a sizable property in a prime Southern California location,” notes Justin Forman, senior associate, also in Los Angeles.
Gordon and Forman represented the buyer, a private LLC. The seller is a family trust.
The apartment community is located at 609 Prospect Ave., minutes north of Downtown Los Angeles, with easy access to the Pasadena Freeway (110) and the South Pasadena light rail station.
Community amenities include a swimming pool, a laundry facility and 40 assigned subterranean parking spaces. More than half of the units are extra-large, two-story townhouse-style apartments and all units have either a private enclosed balcony or patio.