PASADENA, CA - 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, 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.
About Lee & Associates - LA North/Ventura, Inc.: Celebrating more than 35 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with 51 locations across the nation including California, Arizona, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, South Carolina, Texas, and Wisconsin. With almost 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. Additional information can be found at http://www.lee-associates.com. You can also follow us on Facebook, LinkedIn and Twitter. Lee & Associates-LA North/Ventura, Inc., a member of the Lee & Associates group of companies, provides industrial, office, retail and multifamily/investment brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. Lee & Associates’ clients enjoy a comprehensive range of commercial real estate services including: sales and leasing; real estate investment consulting, property acquisition, disposition and 1031 exchange transactions; tenant representation and relocation, land assemblage, site selection, mixed-use and urban in-fill, property and portfolio evaluation and market research. Founded in Sherman Oaks in 1994, Lee & Associates-LA North/Ventura now operates four California offices including Calabasas, Ventura County and Antelope Valley. For more information, contact us at 818.986.9800.