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Theo Pasadena Joins Waterford Property’s Growing Portfolio
Theo Pasadena, a 105-unit apartment property in Pasadena, recently sold for $67 million or $638,095 per unit. The buyer was Waterford Property Company.
“Theo Pasadena is the epitome of quality, setting itself apart from competitors in every aspect,” said Kevin Green, Institutional Property Advisors (IPA) executive director. “The property will undoubtedly be one of the marquee assets within the buyer’s growing portfolio.”
IPA’s Green, Greg Harris and Joseph Grabiec represented the seller, SummerHill Apartment Communities, and procured the buyer. The sale represents IPA’s first transaction with Waterford Property Company and its sixth closing with a buyer using joint power authority structured financing. The transaction was financed by California Statewide Communities Development Authority.
Theo Pasadena is between Old Town Pasadena and South Pasadena close to Pasadena’s Playhouse District. Memorial Park Station is one mile away and Pasadena City College, Fuller Theological Seminary and the California Institute of Technology are nearby. Built in 2020, the property has a central courtyard with lounge and co-working space.
- ◦Sale/Acquisition
