Newmark arranged the $60-million sale of Pasadena Gateway Villas, a 140-unit multifamily community located at 290 North Hudson Avenue in Pasadena. The buyer was Hines.
Co-Head, U.S. Capital Markets Kevin Shannon, Senior Managing Director Chris Benton, Vice Chairmen Ken White and Dean Zander, Executive Vice Chairman Mitch Clarfield, Managing Director Anthony Muhlstein and Senior Financial Analyst Gabe Munson represented the seller, Washington Capital.
“Pasadena Gateway Villas is a beautifully maintained apartment community that has been owned and managed by the same group since its construction in 2002,” said Benton. “Under new ownership, a value-add plan will be implemented to make the property comparable with the preeminent resort-style properties in the market. Its strong fundamentals—favorable transaction size, prime location and strategic positioning—make it a standout asset in a submarket poised for growth and constrained by a lack of new supply coming in the near future.”
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