PASADENA, CALIF — CBRE has brokered the $22 million sale of ALUR Apartments, a 51-unit community located at 700 Locust St. in Pasadena. The property was acquired by ADC Real Estate Group LP, an affiliate of Amoroso Cos. CBRE’s Kamran Paydar and Kadie Presley Wilson represented the seller, a private Los Angeles-based investor. Ryan Greer, Trevor Breaux and Troy Tegeler with CBRE’s debt and structured finance division arranged acquisition financing on behalf of the buyer.
Built in 1987 and renovated in 2021, ALUR consists of a mix of one- and two-bedroom units. Amenities include two landscaped courtyard patios, a third-floor furnished balcony, package lockers, a barbecue area, a security camera system, 79 gated garage parking spaces and electric vehicle charging stations. Recent capital improvements include a new roof, plumbing upgrades, fire sprinkler head replacements, exterior painting and corridor and entry remodels.