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Transactions - NOVEMBER 18, 2021

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Affordable micro-unit development starts construction in Pasadena, Calif.

by Released

Pasadena Studios, a collaboration of Community Builders Group LLC (CBG) and Bridge Financial Advisors, has closed on funding and commenced construction on 180 affordable micro-units located at 280 N. Oakland Avenue in Pasadena, Calif.

Completion is scheduled for spring of 2023. The project is targeted to entry-level workers earning 30 percent to 60 percent of area median income, seeking modern, affordable housing near jobs and public transit.

"We believe Pasadena Studios will be an impetus to spur more developers to build projects that serve the unmet housing needs of Pasadena residents," said Joe Seager, CBG co-founder. "We are creating 180 affordable apartments, at no cost to the City of Pasadena, that will allow residents to live near where they work and take advantage of easily accessed public transportation."

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