Historic Grove Manor Sold by Lee & Associates-LA North/Ventura for More than $492,850 per Unit
Seven-unit apartment building commands one of the highest per unit prices in recent memory
PASADENA, CA – April 1, 2013 – Grove Manor, an historic, 7-unit apartment complex in southwest Pasadena has sold for more than $492,850 per unit, one of the highest per unit prices in recent memory, according to Jim Fisher and Mike Smith, principals of Lee & Associates-LA North/Ventura, who transacted the sale on behalf of the seller, Orange County-based City Ventures.
The property, at 232 S. Orange Grove Boulevard, is part of the Ambassador West campus and was utilized as a dormitory prior to its conversion to 6, 3-bedroom, 3-bath units and 1, 4-bedroom unit.
“Grove Manor is a rare property with tremendous architectural significance,” said Smith, “and the sale price reflects its unique character.”
The apartment units average 1,900 square feet with hardwood floors, estate-style fireplaces, French windows and arched doorways on elegantly landscaped grounds with a stream running through it. The kitchens and baths are newly renovated including stainless steel appliances.
The property, built in 1929, is located on what was formerly Millioinaire’s Row, known for the 50-odd mansions that lined the street at a time when Pasadena was a tourist destination for those escaping winter climates to the east and north. The Gamble House (Procter & Gamble), The Bissell House (carpet sweepers and more recently vacuums) and Wrigley Mansion (gum) were among the winter residents.
City Ventures acquired the property in 2009 as part of a portfolio purchase that also included entitlements for 70 luxury condominiums on neighboring parcels. The Fisher-Smith team also represented City Ventures on that acquisition.
The buyers, private investors, were represented by David Moskowitz and Randolph Davis at Keller Williams, Brentwood.