93-Turnkey Units in Pasadena Playhouse Village, Class A Asset in Class A Location, Overparked Building

Highlights:

• • Design Centric Mid-Century Modern apartment in the heart of Pasadena (Turn-key and fully upgraded luxury apartment community)
• • Below replacement costs for Class-A Asset of this quality and location
• • Top-down renovations have been completed in 2018-2019!
• • In the heart of Pasadena where most of the actions and new developments are taking place - Walk Score 89, Bike Score 87!
• • Multi-generational property for hold and cash-flow strategy; Excellent Upside potential through more efficient management
• • Strong demographics with ±$118,618 average household income within a 1-mile radius
• • Class A Location with nearby amenities within walking distance
• • Highly desirable area, south of 210 Freeway
• • Completely upgraded from top to bottom apartment community
• • All systems were replaced/upgraded in 2018-2019: brand new roof, mechanical, electrical, plumbing, elevator, landscaping, and others (buyer to verify)
• • Excellent unit mix with good distribution of 2 bedrooms, large 1 bedroom, and Studio units
• • Overparked building with total of 173 parking spaces (two levels of subterranean parking, overparked by 73 spaces - only 100 spaces are required)

Description:

Turnkey, Design Centric Mid-Century Modern 93-unit Apartment in Playhouse Village. Class A Location, Completely Renovated, almost brand-new MEP. All Units fully upgraded, Overparked w/ 173 parking, RUBS in Place. Below replacement cost for an Asset of this quality and location.

Growth Investment Group California is proud to offer THE THISTLE – 262 N Los Robles Ave, a Design Centric 93-unit Mid Century modern luxury apartment investment opportunity located in the highly desirable City of Pasadena, CA. The property is located within Pasadena Village District, an eclectic cosmopolitan community rich in history and architecture. Because of this superb location, it has a Walk Score 89 out of 100, demonstrating “walker’s paradise” location to a variety of nearby amenities such as restaurants, shops, health clubs and entertainment venues. The property has been completely upgraded from top to bottom between 2018-2020 and provides a turn-key investment offering. It has a superb location south of FWY 210, across the street from Kaiser Permanente Pasadena, and several lots away from The Westin Pasadena. Tenants enjoy walking distance to Paseo Colorado, Pasadena City Hall & Library, Old Town Pasadena, and almost all amenities City of Pasadena has to offer.

The property is a three-story garden style apartment community with an expansive center courtyard on two levels of subterranean parking. The community offers excellent amenities such as Leasing Office, On-site manager, fitness center, BBQ/picnic area, fire pit, controlled access, security cameras, courtyard, dog wash, subterranean parking, secured bike storage, storage units, secured package room with parcel pending lockers, complete convenient towel service, boutique catering kitchen appliances, elevator, and laundry room. The current ownership have completely upgraded the community from top to bottom in 2018-2019 and replaced all the systems which includes: new roof, new mechanical system, new electrical, new plumbing & sewer system, new elevator, new landscaping, new security camera system, new parking gate, new entry system, and others (buyer to verify during inspection), making this property a truly turnkey investment.
The property offers an attractive unit mix with seven (7) 2 bedroom+1 bathroom, fifty-five (55) large 1 bedroom+1 bathroom, seven (7) 1 bedroom+1 bathroom, sixteen (16) studio, and eight (8) small studio/micro units. All the units have been completely upgraded with tastefully design upgrades. Most units have an excellent layout with large windows and smooth plaster ceilings. Almost all units on the 2nd and 3rd floors have access to private/shared balcony with views of San Gabriel Mountains or the historic Old Pasadena. All units have plenty of storage cabinets, and some units have in-unit laundry machines.

The property is separately metered for electricity and gas. Heating is provided by wall mounted gas heaters. Cooling is provided by combination of central HVAC units and window or wall mounted systems. The property has a two-level subterranean parking lot with a total of 173 parking spaces. Based on the unit mix, only 100 to 119 parking spaces are needed for the residents. The advantage of over park provides a great opportunity for the investor to capitalize on the additional 54 parking spaces by charging additional rent. Disclosure: the buildings were completed separately in 1949 and relocated to the current location on top of the then newer-built parking structure in 1984 (the parking structure was built by Kaiser Permanente – buyer to verify).


LOCATION AMENITIES AND ACCESS
The property is in the highly desirable downtown area of Pasadena – more specifically, in the renowned Pasadena Playhouse district situated south of the 210 Freeway. It is in arguably one of the best locations in the city boasting a Walk Score of 89 out of 100, demonstrating high “walkability” to a variety of nearby amenities such as restaurants, shops, health clubs and entertainment venues. It offers convenient access to the best amenities the City of Pasadena has to offer.

It is located just a few properties away from The Westin Pasadena, Pasadena City Hall, and is within walking distance to The Paseo Colorado, which features premier dining and retail outlets plus a cinema. In less than a mile away, historic Old Pasadena’s charming storefronts house 200 shops plus a wide array of restaurants and night spots. The Pasadena Convention Center and Pacific Asia Museum are within walking distance. In addition, the California Technical Institute, the historic Tournament of Roses house, and the Norton Simon Museum are all less than two miles away.

The property has superb access to FWY 210 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway.

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