Marcus & Millichap Sells Pasadena Multifamily Property For $7.5M From Seller Robert Whitehill

A multifamily property located at 400 South Mentor Avenue in Pasadena has been sold. The property consists of 21 units with a total square footage of 24,827. The sale price for the property was $7,500,000, which translates to a price per unit (PPU) of $357,143 and a price per square foot (PPSF) of $302.09. The property was listed at its asking price and received multiple offers, leading to a quick sale.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $7,500,000
• Address: 400 South Mentor Avenue, Pasadena
• Market: Pasadena
• Units: 21
• PPU: $357,143
• Square Footage: 24,827
• PPSF: $302.09

The sellers of the property were Robert Whitehill. The transaction was facilitated by the LAAA Team Marcus & Millichap, represented by brokers Filip (Fil) Niculete, Glen Scher, and Michael McNulty Jr. The property was sold at the full list price, and escrow was opened in less than one week. The successful sale resulted in a 4.11% capitalization rate and a gross rent multiplier (GRM) of 14.11.

Notably, the seller is exchanging into a DST (Delaware Statutory Trust) portfolio, which is expected to provide a 40% increase in net cash flow. The exchange process was swift, with the downleg closing on May 31, 2022, and the DST upleg closing on June 1, 2023.