**Hines Acquires Pasadena Gateway Villas for $60 Million**
Newmark has brokered the $60 million sale of Pasadena Gateway Villas, a 140-unit multifamily community located at 290 North Hudson Avenue in Pasadena, California. The buyer in the transaction was global real estate firm Hines.
The Newmark team representing the seller—Washington Capital—included Co-Head of U.S. Capital Markets Kevin Shannon, Senior Managing Director Chris Benton, Vice Chairmen Ken White and Dean Zander, Executive Vice Chairman Mitch Clarfield, Managing Director Anthony Muhlstein, and Senior Financial Analyst Gabe Munson.
“Pasadena Gateway Villas is a beautifully maintained apartment community that has been owned and managed by the same group since its construction in 2002,” said Chris Benton. “Under new ownership, a value-add plan will be implemented to align the property with the leading resort-style communities in the market. Its strong fundamentals—favorable transaction size, prime location, and strategic positioning—make it a standout asset in a submarket poised for growth and constrained by a lack of new supply.”
The acquisition positions Hines to capitalize on strong market demand and a limited pipeline of new multifamily developments in the Pasadena area.
