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Bolour Associates Sells Multifamily Development Site in Metro Los Angeles for $8.5M

Colorado-Blvd-East-Pasadena-CA-1

Slated to open in early to mid-2022, the Colorado Boulevard project in East Pasadena, Calif., will feature 100 apartments, 5,800 square feet of retail space and two levels of subterranean parking.

EAST PASADENA, CALIF. — Bolour Associates has completed the disposition of an entitled land site in East Pasadena for $8.5 million. Los Angeles-based APPA Real Estate acquired the land parcel for the development of a transit-oriented, mixed-use project.

The parcel is the first development under Los Angeles County’s updated zoning supporting high-density development near metro retail sites. From 2015 to 2018, Bolour worked with county officials to re-entitle the site, located at 3768 E. Colorado Blvd., under the new zoning code.

Upon completion, the project will feature 5,800 square feet ground-floor commercial space, 100 multifamily units, a private gym, co-working space, rooftop barbecue, decks, courtyards, a dog run and on-site parcel lockers. Additionally, the property will offer two levels of subterranean parking.

Construction is scheduled to begin in early 2020, with an opening slated for early to mid-2022.

The land transaction was a direct sale between Bolour and APPA, with all details handled in-house by both parties.

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