LOS ANGELES, CA – HFF announces $66.08 million sale of The Andalucia, a newly built, 118-unit, resort-style multi-housing community in Pasadena, California.
The HFF team marketed the property exclusively on behalf of the seller, a joint venture between Mack Real Estate Development LLC, Mill Creek Development, Pacifica Capital Investments, LLC, ARKA Properties and their capital partner. The property was purchased by a private foreign investor.
The Andalucia is located at 686 East Union Street in Pasadena’s coveted Playhouse District a short walk to the boutiques and restaurants situated along Colorado Boulevard. Completed in 2017, the property’s design reflects the city’s timeless Spanish architecture and encompasses approximately 7,500 square feet of ground-floor retail in addition to the 118 studio, one- and two-bedroom flat and townhome-style units. The six-story, podium-style building has 11 affordable units and community amenities, including a rooftop lounge, outdoor community lounge, fitness center, clubhouse and secured underground parking.
The HFF investment advisory team representing the seller included managing director Blake Rogers and senior managing director Sean Deasy.
Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Mack Real Estate Development LLC: Mack Real Estate Development LLC (MRED), formerly known as Mack Urban, LLC, is a full-service development platform specialized in entitling, designing and delivering institutional quality residential real estate projects on the West Coast. MRED’s expertise is in creating value for complex in-fill projects by utilizing innovative entitlement, design, and construction strategies. Since 2013, MRED has delivered or is in development on over 3,800 residential units in key gateway markets, including Los Angeles, Portland and Seattle.
About Mill Creek Development: Mill Creek Development is a Pasadena-based planning and development firm founded to advance new urbanist principals of design in the Playhouse District. It completed the Granada Court condominium project adjacent to The Andalucia and has four other housing and mixed-use buildings underway nearby.
About Pacifica Capital Investments, LLC: Pacifica began in 1980 as a Los Angeles-based, full-service commercial real estate firm. Since its founding, Pacifica has acquired and developed over 12 million square feet of real estate in markets in which it had a strong local presence, including Los Angeles, Denver, San Diego, Santa Barbara, Seattle and Portland.
About ARKA: ARKA Properties Group, Inc. (“ARKA”) is a private, family-owned, real estate investment company. ARKA was created in 1988 as a spin-off from the family’s original company, KB Management Co., co-founded in 1955 by the late Arthur and Rosalie Kaplan. ARKA specializes in industrial and commercial single-tenant, net-leased investments. Currently, the ARKA portfolio contains over 14 million square feet of industrial, commercial and retail space, and over 2,000 units of affordable housing nationwide.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.