CBRE finalized the $22-million sale of ALUR Apartments, a 51-unit boutique multifamily community located at 700 Locust St. in Pasadena. The buyer was ADC Real Estate Group LP, an affiliate of Amoroso Companies.
CBRE’s Kamran Paydar and Kadie Presley Wilson represented the seller, a private Los Angeles-based investor. Ryan Greer, Trevor Breaux, and Troy Tegeler with CBRE’s Debt and Structured Finance arranged acquisition financing for ADC.
“ALUR offers a unique combination of quality and location in one of Southern California’s tightest rental markets,” said Paydar.
Built in 1987 and renovated in 2021, ALUR features a mix of one- and two-bedroom units averaging 951 square feet. Each residence includes a private balcony, central heat and air, in-unit washers and dryers, and fireplaces in most units.
Located adjacent to the Pasadena Playhouse District, the property provides walkable access to major employers, top-ranked schools, cultural destinations and two Metro rail stations. It also offers convenient connectivity to the 210, 134 and 110 freeways.
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