A two-property portfolio in Old Towne Pasadena traded hands this week as Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the sale for $42.6 million. The portfolio was sold by and purchased from separate private investors, with full terms of the deal left undisclosed.
"The seller felt that the market timing was right to attract strong offer activity and achieve a good price," Ron Harris, an EVP at Institutional Property Advisors, told GlobeSt.com. According to Harris, the sale drew interest from "a true mix of institutional buyers, private buyers with institutional equity and pure private buyers." The buyer to win the bid was in the latter group. "Interest was particularly high because of the location of the property—an A+ location just of the "main-on-main" corner of Colorado Blvd. and Fair Oaks," Harris says.
"This transaction is a meaningful example of the power that private capital has in the current marketplace," added IPA director Paul Darrow. "The assets' location and vintage, plus the rarity of the offering, attracted a great deal of serious interest from both private and institutional capital. Normally, institutional investors who are, generally speaking, more competitive and better capitalized, purchase opportunities of this size. In this instance however, a high-net worth private investor was extremely competitive and acquired the property."
The portfolio includes 91 residential units, 22 West Green St. and 65 West Dayton St., and two freestanding retail buildings, 60 West Green St. and 70 West Green St. Built in 2003, the four-story, 48-multifamily unit building at 22 West Green St., called "Palermo," is on the southwest corner of West Green Street and South Fair Oaks Avenue. The five-story building located between South De Lacey Avenue and South Fair Oaks Avenue at 65 West Dayton St., called "Messina," was constructed in 2004.
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