Waterford Property Company Acquires Multifamily Asset In Pasadena For $335.1M

A multifamily property located at 31 South De Lacey Avenue and 678 East Walnut Street in Pasadena has been sold. The property consists of 513 units and was sold for a total price of $335,100,000, resulting in a price per unit of $653,216.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $335,100,000
• Address: 31 South De Lacey Avenue & 678 East Walnut Street, Pasadena
• Market: Pasadena
• Buyer: Waterford Property Company - John Drachman & California Statewide Communities Development Authority
• Seller: Not disclosed
• Brokers: Joseph Smolen, Geoff Boler & Lee Redmond - Eastdil Secured; Blake Rogers, Hunter Combs, Alexandra Caniglia & Javier Rivera - Walker & Dunlop

The buyer of the property is the Waterford Property Company, represented by John Drachman and the California Statewide Communities Development Authority. The transaction was facilitated by brokers Joseph Smolen, Geoff Boler, and Lee Redmond from Eastdil Secured, as well as Blake Rogers, Hunter Combs, Alexandra Caniglia, and Javier Rivera from Walker & Dunlop.