SoldBroker Activity · Entry № 88

Sold at an Estimated $8 Mil below Replacement Cost. - Why I Like this Building 

A 2015-built - 50-unit in Old Town Pasadena clears at $440K/door and $364/SF. - This was a great Acquisition for the Buyer. 

PublishedJuly 18, 2026
StatusSold · Just Closed
DatelineThe Tape · Old Town Pasadena, Los Angeles
119 Los Robles Ave hero photo
FIG. 01, 119 LOS ROBLES AVE, PASADENA, CA 91101. IMAGE VIA BROKER IMAGES SHARED BY OWNER USER
Four takeawaysFour things an operator takes from 119 Los Robles Ave
  1. The trade.$22M. 50 units. $440K/door. $364/SF. 60,450 gross SF on a 18,644 SF lot. Wood-frame, 2015 vintage, Old Town Pasadena.  $364 is low.  I think it would cost me over $30M to build this building, even up to $35 Million.  Average units are over 1200 Square Feet.   The buyer got a great deal and unfortunately the seller was forced to sell. 
  2. Another Sale with the Tony Azzi Team. No cap rate, no T-12, no GRM was published with this comp. At $440K/door on a 2015 wood-frame.  The Cost per door is very good for these big units.  I asked for more info and couldn't get that rent roll.  My guess is that the property was being sold and they left vacancies for the new owners to reposition the property.  
  3. The regulatory picture.2015 build date puts this squarely outside LARSO and AB 1482 (Pasadena has its own rent rules, and a post-2015 building in Pasadena is generally exempt).
  4. No ULA exposure.  No ULA in Pasadena.  ULA is crushing everyone so Pasadena looks like a good place to hide from it. 
Deal Stats · 119 Los Robles Ave
Sale Price
$22.0M
closed July 10, 2026
Units
50
unit mix not published
Price / Unit
$440,000
per door
Price / SF
$364/SF
60,450 gross SF
Year Built
2015
wood-frame construction
Lot SF
18,644
0.43 acres
Avg Unit SF
1,209 SF
implied from gross SF
ULA Tax (Est.)
No ULA
Prior Loan
$19.0M
First General Bank, Oct 2017
RSO / AB 1482
Exempt
2015 vintage, Pasadena

The Location

119 Los Robles Ave sits inside the Old Town Pasadena submarket, one of the few genuine walk-to-everything corridors in the San Gabriel Valley. Colorado Boulevard retail, Gold Line access at Del Mar and Memorial Park stations, and a dense restaurant-and-entertainment core are all within a short walk. Old Town commands a meaningful rent premium over the balance of Pasadena, and that premium has proven durable through multiple cycles. The neighborhood draws young professionals and empty-nesters who want urban walkability without paying Westside prices. For a 2015, - 50-unit building, the location looks Great!

The Setup

One building, 50 units, 60,450 gross SF, wood-frame construction completed in 2015. Average implied unit size is 1,209 SF, which for Pasadena reads as a mix of larger one-bedrooms and two-bedrooms rather than a micro-unit play. 

What an Operator Sees

At $440,000 per unit and $364/SF, the buyer is getting a 2015-built Pasadena asset for roughly $8 million below estimated replacement cost.  It could even be $15 Million below replacement cost.  

There is no construction risk, no three-year development timeline and the property starts producing income immediately. The larger 1,209-SF average unit size would also be difficult and expensive to reproduce today.  This is going to be great for this new owner and they will have long term tenants that are not constantly turning over units. 

If the buyer can lease those units, improve operations and grow the income, this looks like a strong basis for newer construction in one of Pasadena’s most walkable neighborhoods and at only $22 Million.  Great job to the buyer for stepping in.  

I’m not a broker or syndicator. I’m an operator looking for deal flow and sharing insights with other owners. I like this property A lot.  I would be interested in buying something like this.  

Send OMs to David@AtlasBrief.LA


Written from the field

David Safai, operator, developer, GC.

Atlas Home Builders, Inc. is a Los Angeles owner-operator and general contractor. If you are a broker with a listing you want an honest read on, send the OM and the T-12 to David@AtlasBrief.La.

Send a ListingBack to Board