**ADC Real Estate Acquires Pasadena’s ALUR Apartments for $22 Million**
CBRE has completed the $22 million sale of ALUR Apartments, a 51-unit boutique multifamily community located at 700 Locust Street in Pasadena. The buyer, ADC Real Estate Group LP, is an affiliate of Amoroso Companies.
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 team arranged acquisition financing for ADC.
“ALUR offers a unique combination of quality and location in one of Southern California’s tightest rental markets,” said Paydar.
Originally built in 1987 and extensively renovated in 2021, ALUR features a mix of one- and two-bedroom units, averaging 951 square feet. Each unit includes a private balcony, central heating and air conditioning, in-unit washers and dryers, as well as fireplaces in most residences.
Strategically located adjacent to Pasadena’s Playhouse District, the community is within walking distance of major employers, top-ranked schools, cultural institutions, and two Metro rail stations. Residents also benefit from easy access to the 210, 134, and 110 freeways.
