Value-add Apartment Acquisition in South Pasadena
Lee Multifamily Capital (LMC), on behalf of its investment partners, has made a value-add apartment acquisition in South Pasadena. This is a long-term investment strategy with a projected levered IRR of 10%.
- The Property is located on a quiet tree-lined street and is located just 1.5 blocks away from a Trader Joe’s and less than 10-minute walk (.4 miles away) from the Metro Gold Line.
- The property has a walk score of 76.
- The Property consists of all 2-bedroom and 2 bathroom 2-level townhome style units which is ideal for this family oriented market
- The building has not had any in-unit renovations since it was built in 1963 and rents are below market.
LMC likes the South Pasadena apartment market for a myriad of reasons. South Pasadena has some of the best public schools in the Los Angeles area with all elementary, middle, and high schools with a rating of 10 out of 10. The market is also highly supply constrained with virtually no new inventory added each year. Demand far outstrips supply in this market for rentals. Owning a single-family home in this market is very difficult for young families as the median home price in the market is $1.1 M. As a result, for a young family looking to live in South Pasadena but doesn’t have the money to buy a house, renting is their only option. In addition, South Pasadena’s proximity to Pasadena, Lincoln Heights (USC Medical Center), and Downtown LA make it an ideal location for working professionals.
If you are interested in investing in this deal or a deal similar to this, please reach out to LMC.
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