Updated Oct 28, 2024
Waterford Property Company Acquires Multifamily Property In Pasadena For $67M
289 North El Molino Avenue, Pasadena, CA 91101
$67,000,000
$537/SF
Building Size
124,631 SF
Asset Type
MultiFamily
Closing
Nov 8, 2021
About this deal
AI
The multifamily property located at 289 N. El Molino Ave. in Pasadena has been sold in a transaction valued at $67,000,000. The property consists of 105 units, resulting in a per unit price of $638,095. The sale was facilitated by Kevin Green and Gregory Harris from Institutional Property Advisors, representing the buyer, Waterford Property Company - Sean Rawson & California Statewide Community Development Authority, and the seller, Summerhill Communities.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $67,000,000
- Units: 105
- Price per Unit: $638,095
- Market: Pasadena
Waterford Property Company - Sean Rawson & California Statewide Community Development Authority acquired the property from Summerhill Communities in this notable transaction. Kevin Green and Gregory Harris, representing Institutional Property Advisors, played a key role as brokers in facilitating the deal.
Players
Pasadena MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93