Pasadena Notches Biggest Recent Apartment Complex Sale in County

Published : Thursday, May 24, 2018 | 6:21 PM

The biggest recent apartment complex sale in Los Angeles County belongs to Pasadena, according to the Real Deal site.

Bell Partners, based in North Carolina, led the pack in April with its $97 million acquisition of a Pasadena apartment complex. The April figures were compiled from property records by Real Capital Analytics.

Bell Partners has acquired The Ellington, a 212-unit apartment complex in Pasadena, and renamed it Bell Pasadena.

The company announced the acquisition early in May but did not disclose a purchase price. On Friday, Bell Partners said it bought the property at 3330 N. Foothill Blvd. for $97 million.

The four-story apartment complex has 339 parking spaces, a gym, a business center, a yoga studio, café and pet spa.

Bell Pasadena is less than a block away from the 210 freeway and is close to the Metro Gold Line’s Sierra Madre Villa station.

Hines, a Houston, Texas-based developer built the former Ellington building on a site it purchased for $14 million in 2012. Construction was completed in 2016. Located on about 3.5 acres, the 177,608 square-foot building overlooks the San Gabriel Mountains. It is within walking distance to many restaurants and grocery and retail stores in Pasadena.

The Real Deal reports the deal was brokered by Cushman and Wakefield.

The five biggest multifamily investment sales in Los Angeles County in April combined for over $206 million, down from last month’s $274 million total.

The rest of the list of top L.A. multifamily sales also include Park@5 in Downey; Granada Point in Granada Hills; Ocean Center in Long Beach; and 4956 Laurel Canyon Boulevard in Valley Village.

blog comments powered by Disqus