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California  + Los Angeles  + Apartments  | 

Pasadena Apartments Sell at 4.38% Cap Rate

Marcus & Millichap closed the sale of 1471 Fair Oaks Ave., an 18-unit apartment property in Pasadena. The asset changed hands for $4 million, or $222,222 per unit, at a cap rate of 4.38% and a GRM of 12.65.

Tony Azzi, president and founder of The Azzi Group at Marcus & Millichap, arranged the sale with senior associate Rabbie Banafsheha. The property was on the market for less than 30 days, received 10-plus offers and closed within 10 days to an undisclosed all-cash buyer. The seller was the original owner and builder, according to Crexi.

Located in northwest Pasadena, two miles from the Rose Bowl stadium, the property was built in 1979. It contains a mix of three studio units; 13 one-bed; one-bath units; and two two-bed, one-bath units.

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Maercus & Millichap's Azzi Group

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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