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COMMERCIAL REAL ESTATE | BRIEFS

Pasadena Villages Buys 313-Unit Complex

August 22, 2000|Bob Howard

In what was described as a victory for the affordable housing community, Pasadena Villages acquired the 313-unit Kings Villages apartment complex at 1141 N. Fair Oaks Ave. in Pasadena for $25 million from Kings Villages Ltd. Pasadena Villages' partners include Affordable Housing Development Corp. of Clovis and its partner, New York-based Related Cos., also a developer of affordable housing. "The project could have easily been converted to a market-rate community," said Seth Polen, a Marcus & Millichap broker who represented the seller along with Robin D. Ossenbeck, also of Marcus & Millichap. The property is on a 22-acre site and is one of the largest apartment complexes in Pasadena, Polen said. He said the new owners plan to continue to operate the complex as affordable housing under a federal program providing rent subsidies. Pasadena Villages represented itself in the transaction.

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