Pasadena Apartment Complex Sells for $22 Million in Tight Rental Market

A 51-unit boutique multifamily property in Pasadena’s Playhouse District has been sold for $22 million, according to a statement released Thursday by CBRE Group Inc.

The ALUR Apartments, located at 700 Locust St., were acquired by ADC Real Estate Group LP, an affiliate of Amoroso Companies. CBRE’s Kamran Paydar and Kadie Presley Wilson represented the seller, a private investor based in Los Angeles. Acquisition financing was arranged by CBRE’s Debt and Structured Finance team, including Ryan Greer, Trevor Breaux, and Troy Tegeler.

Originally built in 1987 and renovated in 2021, the three-story complex offers a mix of one- and two-bedroom units averaging 951 square feet. Most units include private balconies, central heating and air, in-unit laundry, and fireplaces. Interior upgrades feature wood-style flooring, quartz countertops, stainless steel appliances, gas ranges, tile backsplashes, recessed lighting, and updated cabinetry and fixtures.

The property includes 79 gated garage spaces, electric vehicle charging stations, two landscaped courtyard patios, a third-floor furnished balcony, package lockers, a barbecue area, two elevators, and a security camera system. Recent capital improvements cited in the CBRE release include a new roof, plumbing upgrades, fire sprinkler replacements, exterior painting, and corridor and entry remodels.

CBRE officials said the property’s location and unit size position it to meet growing demand for premium rental housing in Pasadena. “ALUR offers a unique combination of quality and location in one of Southern California’s tightest rental markets,” Paydar said in the release. Presley Wilson added that the larger-than-average units and high-end finishes align with local housing needs.

Situated near the Pasadena Playhouse District, ALUR Apartments provide walkable access to cultural institutions, major employers, schools, and Metro rail stations. The site also connects to the 210, 134, and 110 freeways.

CBRE Research reports a 3.7% apartment vacancy rate in the Burbank/Glendale/Pasadena submarket, among the lowest in Greater Los Angeles. The average rent per unit in the area is $2,821.

CBRE Group Inc., headquartered in Dallas, is a Fortune 500 commercial real estate services firm with operations in more than 100 countries.