Hines Acquires Pasadena Apartments for $60 Million
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Commercial real estate firm Hines acquired Pasadena Gateway Villas, a 140-unit apartment community located at 290 N. Hudson Ave. in Pasadena for $60 million.
The seller, Washington Capital, was represented by Newmark’s capital markets team which included Kevin Shannon, Chris Benton, Ken White, Dean Zander, Mitch Clarfield, and Anthony Muhlstein. Gabe Munson represented the seller, Washington Capital.
“The intensity of the bidding for this opportunity in Pasadena was incredible with over 40 offers received,” said Kevin Shannon, Newmark’s co-head of U.S. Capital Markets, in a statement. “The fact that there is no mansion tax in Pasadena was a significant factor in adding to the depth of the buyer pool,” he said, referring to the city of Los Angeles tax on property sales greater than $5 million.
The property has been owned and operated by Washington Capital since its construction in 2002. The new ownership plans to implement a value-add renovation to make it comparable to other resort-style properties in the area. The apartment complex has a mix of studio, one-, two- and three-bedroom units.
Information for this article was sourced from Newmark.
