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California  + Los Angeles  + Apartments  | 

Hines Acquires Pasadena Apartments for $60M

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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Newmark's Benton

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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