Tim Trout Acquires Pasadena And South Pasadena Apartment Portfolio For $5.75M

A package deal consisting of two properties in Pasadena and South Pasadena, California has been sold. The properties are located at 59 N. Oak Avenue and 1313 Huntington Drive. The sale was facilitated by Orbell Ovaness, Ara Rostamian, and Peter Xiao of the Ovaness-Rostamian Group. The buyer in this transaction was Tim Trout, while Jack Liu acted as the seller.

Summary of transaction details:

• Property Type: Package Deal
• Transaction Amount: $5,750,000
• Units: 17
• Price per Unit (PPU): $338,235
• Square Footage: 15,910
• Price per Square Foot (PPSF): $341

The Ovaness-Rostamian Group of Marcus & Millichap successfully generated multiple offers for the apartment portfolio, exceeding the asking price for one of the deals. The properties were sold for a total of $5,750,000. The property located at 59 N. Oak Avenue in Pasadena was sold for $2,200,000, with a cap rate of 3.15% and a price per unit of $314,285. The property located at 1313 Huntington Drive in South Pasadena was sold for $3,550,000, with a cap rate of 3.03% and a price per unit of $355,000. Both transactions were closed in an all-cash deal, following a 75-day escrow period.

For more opportunities, visit the Ovaness-Rostamian Group's website at www.OvanessRostamianGroup.com.