The Encore Apartments Sold in Pasadena Playhouse District for $17.2 Million

Coldwell Banker Commercial on Thursday announced the sale of The Encore Apartments, a 28-unit multifamily community located at 712 E Walnut Street in Pasadena, CA. The sale price was $17.2 million.

The five-story property was constructed in 2004 and consists of primarily of two-bedroom units but also offers several studio and three-bedroom units. Most of the units have balconies, all have in-unit laundry and the proper has secured grade-level parking. The sale included two street-level commercial units.

The buyer is a foreign investor with assets in China, Australia and Hong Kong. The Encore acquisition is their first real estate investment in the United States for the buyer.

“The client was attracted to the property because of the strong multifamily market in the area. Vacancies in this sub-market are in the single digits and the property offered up-to-date units with onsite parking but also near the gold line,” said Robert Ip, a commercial advisor with Coldwell Banker Commercial NRT in Pasadena who represented the buyer of the asset.

The seller of the property was Southern California-based New Standard Equities.

For additional information, contact Robert Ip at 626.394.2527 or robert.ip@cbcnrt.com, CalRE# 01876261.