CBRE brokers $19.3M sale of Pasadena multifamily property

CBRE has announced the sale of a 52,934 SF multifamily property located at 700 Locust St in Pasadena, CA for $19.3M. The property was sold on August 21, 2020, with CBRE representing both the seller and buyer in the transaction.

The property, which is located in the heart of Pasadena, features 60 units and was built in 1963. The sale price of 19.3M equates to a price per square foot (PPSF) of 364.

The buyer and seller have not been disclosed, but CBRE’s team of Priscilla Nee, Kevin Green and Greg Harris represented both parties in the transaction. Nee, Green and Harris are all part of CBRE’s Investment Properties-SoCal team.

Pasadena has seen a surge in multifamily investment activity in recent years, with a number of new developments and renovations taking place in the area. The city’s strong job market and high quality of life have made it an attractive location for investors and residents alike.

This sale is just the latest example of the strong demand for multifamily properties in the Pasadena area. With its prime location and strong fundamentals, the property at 700 Locust St is sure to be a valuable addition to the buyer’s portfolio.