Partnership Brings 180 Micro-Units of Affordable to Pasadena
A partnership between Community Builders Group (CBG) and Bridge Financial Advisors is preparing to open Pasadena Studios, a new development that will bring 180 micro-units of affordable housing for individuals earning less than $53,000 annually to Pasadena. The site will be managed by WinnResidential.
The micro-unit concept was chosen to ensure affordability and maximize the number of units for a Class A building in a prime location. It was constructed at a total cost of $45 million, with a per-unit construction cost of roughly $250,000, significantly less than the typical per-unit cost of other affordable housing developments.
“As a micro-unit development, Pasadena Studios is a new type of affordable housing product,” said Pasadena Housing Department Director Bill Huang. “It may very well prove to be an important innovation to help address the affordable housing crisis for many individuals who can no longer afford the high market rate rents in Pasadena.”
CBG co-founder and principal Joe Seager said, “This development represents the first of many micro-unit projects for CBG, with two additional Los Angeles County developments already in the pipeline.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).