Community of 5 Pasadena Condos Sells for $3.85 Million

Global commercial real estate services and investment company CBRE reported Tuesday it brokered the $3.85 million sale of a multifamily community at 148 N. Mar Vista Ave. in Pasadena.

The property, comprising five condos across three buildings, was acquired by the Qiao and Ma Family 2012 Trust.

Eric Chen, Executive Vice President at CBRE, represented both the seller, a private investor, and the overseas buyer in this 1031 exchange. 

A 1031 exchange, named after Section 1031 of the Internal Revenue Code, refers to a tax-deferred transaction that allows an investor to sell a property and reinvest the proceeds into a new property of a similar kind without immediately triggering capital gains taxes. 

In essence, a 1031 exchange enables investors to defer paying capital gains taxes on the sale of certain types of properties if they reinvest the proceeds in similar properties.

“It shows a strong demand from the market for well-located newer construction assets in San Gabriel Valley,” Chen said of the sale. 

The condos on Mar Vista Ave. are three-bedroom townhouse-style units averaging 1,496 square feet in size. Each of the two-story units includes tile floors, stainless steel appliances, granite countertops, in-unit washer and dryers and a private patio. The common area features gated secured access, outdoor seating and underground parking.

Strategically situated just minutes south of Interstate 210 and a block from Colorado Blvd., the location offers convenient access to grocery stores, pharmacies, restaurants, and specialty retail. The property is also within walking distance of Pasadena City College and just minutes from the Pasadena Playhouse District, Old Pasadena, The Shops on Lake Avenue, and Paseo Colorado.

A RedFin listing described the condos on Mar Vista as having a gated secured entrance, lush landscaping, subterranean parking garage, an elevator, two stairwells, and ample street parking.

CBRE, a Fortune 500 and S&P 500 company headquartered in Dallas, Texas, has approximately 115,000 employees worldwide providing integrated services, including facilities, transaction and project management, property management, investment management, appraisal and valuation, property leasing, strategic consulting, property sales, mortgage services, and development services.

For more information, visit www.cbre.com.