Paladin Realty JV buys value-added apartment portfolio in Azusa, Calif.
A partnership sponsored by Paladin Realty Partners has acquired a portfolio of three 1960s-vintage apartment properties totaling 116 units. The seller and the financial terms were not disclosed. CBRE represented the seller.
Paladin capitalized the investment with its joint-venture partner, Pacific Urban Investors, alongside a number of Paladin’s high-net-worth and family office clients. The investment will be managed by a Paladin affiliate, Paladin Pappas Apartment Investments LLC, in partnership with The Pappas Group Inc.
These garden-style assets are located near each other in Azusa, Calif., a desirable working class/middle-class suburb of Los Angeles at the intersection of Interstate 210 and I-605, as well as the Gold Line regional light-rail system, a short distance east of downtown Los Angles and Pasadena. Paladin intends to pursue a value-added business plan to upgrade and modernize these assets and optimize their operations.
“These are exactly the typ