BY NELLIE DAY IN CALIFORNIA MULTIFAMILY WESTERN
The developer has orginally designed JGrant as a luxury condo complex, though the buyer intends to lease the individual units.
PASADENA, CALIF. — An unnamed buyer has acquired the 50-unit JGrant apartment complex in Pasadena for $26.2 million. The community is located at 119 South Los Robles Ave.
The developer originally designed JGrant as a luxury condo complex. The buyer plans to lease the individual units, however, due to the “the strength of the multifamily investment market, the desirability of the location, the attractiveness of the debt market and the limited new supply,” according to Berkadia, which executed the transaction.
The Berkadia team consisted of Dean Zander, Vince Norris and Mark Ventre.