The Luxe, a 131-Unit Pasadena Development, Sold To Chinese Investor for $57.2 Million

Published : Wednesday, November 1, 2017 | 5:16 AM

A private investor based in China has reportedly acquired Luxe, a 131-unit development in Pasadena, for $57.2 million, or $437,000 per unit, a report by MultiHousing News said Tuesday.

The report said Institutional Property Advisors (IPA), a division of Marcus and Millichap, arranged the sale, represented the seller and developer, Amcal Equities, and procured the buyer.

Situated at 1769 E. Walnut St., Luxe is adjacent to the Allen Avenue Metro Gold Line station and delivers a rare pedestrian- and mass-transit oriented location. The property also provides easy access to State Route 134 and 110 and 210 freeways.
Built in 2016, the asset occupies nearly two acres of land and comprises a mix of studio, one- and two-bedroom apartments averaging 731 square feet.

Luxe’s architectural design is a classic, contemporary design that is similar to other older Pasadena buildings. The units vary from smaller studios to 2-bedroom floor plans and could accommodate students, single professionals, and young couples.

“LUXE is one of the premier multifamily assets in the San Gabriel Valley,” Greg Harris, executive managing director at IPA told  MultiHousing News. “Purchased by an international investor making their first purchase in the United States, the property is supported by strong market trends, including high demand for luxury apartment homes, a significant affordability gap to home ownership, and a scarcity of new supply.”

The MultiHousing News report, quoting Joseph Grabiec, senior director at IPA, said Pasadena has experienced 12 percent rent growth since 2014. Growth is expected to increase nearly 3 percent annually with the average vacancy rate expected to hold steady at around 3.6 percent.

 

blog comments powered by Disqus