Fuller Theological Seminary Sells Multifamily Community in Pasadena for $19.3M
PASADENA, CALIF. — Fuller Theological Seminary, a Pasadena-based, multi-denominational evangelical Christian seminary, has completed the disposition of a multifamily property located at 700 Locust St. in Pasadena. A local private buyer acquired the asset for $19.3 million.
Laurie Lustig-Bower, Kamran Paydar, Chavlis Evans and Kyle Barratt of CBRE represented the seller, while the buyer was self-represented in the deal.
Originally built in 1987, the two-story property features 69 apartments in a mix of studio, one-, and two-bedroom layouts. Common amenities include a fitness room, library, internet lounge, courtyards, large conference room and reception room.
The seller recently completed various upgrades, including elevator and stairwell improvements and a full renovation of the conference room. Interior unit upgrades include laminate hardwood-style floors, stone countertops, new kitchen cabinets, tile backsplashes, recessed lighting, bathroom enhancements and the installation of in-unit washers and dryers.
Additionally, the community is adjacent to Interstate 210 and within one mile of the Lark Avenue and Memorial Park Metro Gold Line transit stations.