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Bell Partners scoops up Pasadena multifamily from Hines
Sale price for the 212-unit new development was not disclosed, although its new name was
Bell Partners has acquired and promptly renamed a 212-unit Pasadena apartment complex, the firm announced this week.
The four-story building is located at 3330 N. Foothill Boulevard, close to the 210 freeway and the Metro Gold Line’s Sierra Madre Villa station, according to the Los Angeles Business Journal. The property has 339 parking spaces, as well as a gym, yoga studio, café, and pet spa.
North Carolina-based Bell renamed the building, formerly called the Ellington, to Bell Pasadena. Bell did not disclose the sale price.
Hines, a Houston, Texas-based developer, built the former Ellington building on a development site it purchased for $14 million in 2012. It completed construction in 2016.
Hines appears to have bigger plans in L.A. though.
Late last year The Real Deal learned that the developer paid $200 million to become a partner on the massive West Los Angeles megaproject, Martin Expo Town Center. That property is being developed by the Martin family of the Martin Automotive Group.
Most large deals in Pasadena so far this year have been for office properties. In February, the mechanical contracting firm ACCO Engineered Systems paid $112 million for an office building at 888 East Walnut Street. In March, Coretrust Capital paid UBS Realty $260 million for the four-building Corporate Center Pasadena Campus. [LABJ] — Dennis Lynch