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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