22-Unit Apartment Building in Pasadena’s Playhouse District Sells for $7.95 Million

A two-story apartment building containing 22 units along Madison Avenue in Pasadena’s Playhouse District has been sold for $7.95 million, the real estate firm that represented the buyer announced Monday.

The 18,162 square-foot property was purchased by an undisclosed private investor, CBRE Group said in a written statement. Twelve offers were made on the property before the sale.

The structure was built in 1960 and is made up of both one- and two-bedroom apartments. It includes a swimming pool, courtyard, underground parking and a laundry facility.

Eric Chen, Joyce Goldstein and Simon Dillon represented the seller, who was also a private investor, according to the statement. 

“This prime-location property was owned by the seller for 40 plus years and is part of a 1031 exchange by the seller who is buying out of state,” Chen said. “It sold above the asking price with  a number of investors willing to purchase it on a non-contingent basis. This just shows how in demand strategically located quality apartment properties are in this region.”

More information on CBRE’s activities in Southern California is available on the company’s website at cbre.us/people-and-offices/corporate-offices/los-angeles.