Published : Thursday, July 26, 2018 | 5:47 AM
The Andalucia, a 118-unit, 128,000-square-foot resort-style apartment complex at 686 E. Union Street in Pasadena’s Playhouse District, has reportedly been sold for $66.1 million.
A report in real estate news outlet The Real Deal said Luxe Pasadena, an LLC controlled by Taoguang Wang, a private investor based in China, acquired the Andalucia in a deal that topped the list of the five biggest multifamily investment sales in Los Angeles County last month.
The seller was Mack Real Estate Development, leading a joint venture with Mill Creek Development, Pacifica Capital Investments LLC and Arka Properties.
HFF arranged the sale on behalf of the sellers, the report said.
Completed in 2017, the six-story, podium-style building has a mix of studio, one- and two-bedroom units averaging 891 square feet. The property also has 11 affordable-housing units and 7,500 square feet of retail space.
The complex has a fitness center, a business center, a clubhouse, controlled access and covered parking.
The Andalucia is within walking distance of dining and shopping attractions on Colorado Boulevard, close to the 210 and 710 freeways, and is about 12 miles from downtown Los Angeles.
The buyer also owns Luxe Pasadena, an upscale apartment community on E. Walnut Street, a few blocks away from The Andalucia.