Buena Vista Apartments

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					Buena Vista Apartments
92 apartment units                 | pasadena, California


 Rare opportunity for high-quality apartment acquisition

 • High barrier-to-entry, urban and residential neighborhood
 • Transit-oriented location three blocks from Del Mar Metro Station
 • Easy walk to Old Town Pasadena and Playhouse District
 • Close to employment and retail in South Lake Avenue District
 • Nearly $1 million capital improvements last 12 months
 • Spacious floorplans and quality community amenities
 • Over 35,000 college students within two miles
     Jones Lang LaSalle is exclusive agent for the sale of                                                                                  in Summer 2009. One Colorado offers top-quality office space above
                                                                                                                                            street level retail that is filled with architectural firms, production
     Buena Vista Apartments situated in the heart of urban                                                                                  houses, communications companies and other creative industries. One
                                                                                                                                            Colorado’s imaginative cultural programming of outdoor film festivals,
     Pasadena. Residents at Buena Vista Apartments enjoy                                                                                    live concerts, site-specific art installations and community gatherings
                                                                                                                                            make it a pioneer in public space creation.
     a superb location walkable to Old Town Pasadena, the
     Playhouse District, South Lake Avenue and shopping                                                                                     Playhouse District
                                                                                                                                            Anchored by the Pasadena Playhouse, the district features an eclectic
     at One Colorado and Paseo Colorado. Downtown
                                                                                                                                            mix of bookstores, antique and specialty shops, restaurants and historic
     Los Angeles, Hollywood, Glendale, Studio City, and                                                                                     architecture. The district is an easy walk from Buena Vista Apartments
                                                                                                                                            and features numerous shopping and dining opportunities. Acclaimed
     Burbank are easily accessible from Pasadena. The                                                                                       for its theatres, galleries, bookshops and home furnishing showrooms,
                                                                                                                                            the Playhouse District is also home to the Pacific Asia Museum and
     Del Mar Gold Line station is less than three blocks                                                                                    the Pasadena Museum of California Art, two of Pasadena’s premier
                                                                                                                                            museums.
     from Buena Vista Apartments, providing quick access
                                                                                                                                            The District also provides a bevy of evening entertainment options
     to the MetroRail’s Union Station in Downtown and                                                                                       with outdoor music, fine dining and an array of live theater venues to
                                                                                                                                            choose from including, the Pasadena Playhouse State Theatre (at the
     connections throughout Los Angeles County.
                                                                                                                                            District’s center since 1925), the Boston Court Performing Arts Center,
                                                                                                                                            the Furious Theatre Company, and the Ice House Comedy Club. Movie
                                                                                                                                            goers can also enjoy indie films at Laemmle’s or at the Academy.
     the neighborhood                                                                                                                       Paseo Colorado
                                                                                                                                            Paseo Colorado is an open-air urban retail and restaurant center
     Old-Town Pasadena
                                                                                                                                            situated very close to Buena Vista Apartments on the edge of the
     Old Pasadena, referred to as Old Town, is a historic 22-block area, just a                                                             Playhouse District. The mixed-use center is anchored by Macy’s and
     short walk from Buena Vista. The popular neighborhood offers more than                                                                 Gelson’s supermarket, and offers several retailers such as Ann Taylor,
     120 specialty shops, retail stores and boutiques, 80 restaurants and a                                                                 Brookstone, Coach, Cole Hahn, Sephora, and Tommy Bahama.
     myriad of entertainment opportunities. Old Town is pedestrian-friendly
     with a thriving nightlife. The district generates a high level of patronage
     throughout the week and offers luxury couture, eclectic restaurants and                                                                South Lake Avenue District
     entertainment, all combined with the old time feel of Main Street. The                                                                 South Lake Avenue District is a primarily commercial and business
     district’s historic architecture, alleys and outdoor restaurants make it                                                               district that extends for ten blocks North and South of Colorado
     one of the most pleasant city experiences in the Los Angeles region.                                                                   Boulevard. South Lake Avenue encompasses over 700 business
           Brookside
                                                                                                                                         Ave.




                                                                                                                                            operations, numerous restaurants, over two million square feet of office
                                                                                                                                                                               Ave.




        Golf Course
     Shopping at One Colorado         210
                                                                                                                                            space and plenty of retail as well. Located within the South Lake Avenue
                                                                                                                                                                                      St.
                                                                                              Ave.




     Situated on one city block in the heart of Old Town, One Colorado                                                                                 Mountain
                    Rose                                                                                                                    District is one of Pasadena’s newest developments, The Shops on Lake,
                                                    Liin




     is a popular lifestyle center that spurred the redevelopment of Old
                    Bowl
                                                     c
                                                     co




                                                                                                                                                                                                                                                      Ave.
                                                                                                                                            a 450,000 square foot, Macy’s anchored retail center that includes The
                                                       lln




     Pasadena. Some high caliber retailers and restaurants in One Colorado                                                                                                                                                  Ave.
                                                                                                                                                                               Lake




                                                                                                                                            Children’s Place, Jos. A Bank, Coldwater Creek and Trader Joe’s.
     include Crate & Barrel, J. Crew, Armani A/X, The Gap, Il Fornaio and
  Lin




                                                                     Orange                                                                                         Grove                                    Ave.
      da




     Sushi Roku. In addition, Gold Class Cinemas will be opening a multiplex
                                                                      Av
                                                                         e.




                                                                                                                                         Robles




                                                                                                                                                                 PASADENA
                                                                                               Oaks




            Vis
                ta            Brookside
                                                                                                                                                                                                                                        Line                   210
                                Park
                                                                                                                                                            Metro                                      Gold                                        Allen
                                                                                                                                                                                 Lake                                                             Station
                                                                                          210                                                                                   Station
                             Ave.




                                                                                                                                                                                                       St.
                                    Arroyo




                                                                                                                                                      Walnut
                                                                                                 Memorial                                          Fuller
                                                                                                    Park               CIVIC                       Theological
                                                                                                                                            Los




                                                                  134
                                                                                                                                                                                                                                                       Allen




                                                                                                  Station                                          Seminary PLAYHOUSE
                                                                                                                      CENTER
                                                                                                Fair




                                                                                                                                                                                                                             Hill




                                                                                                                      DISTRICT                                      DISTRICT
                                                                                                                            Colorado                                                         Blvd.
                                                                                        OLD TOWN
                                                                                        PASADENA                            Paseo                                                                        St.
                                                                                                                           Colorado                      Green                                                                      Pasadena
Annandale
                                                                                 710                                                                                                                                                  City
   Golf
                                                                                                                                                                                    Ave.




                                                                                                                                                                                                                                     College
 Course
                                    Blvd.




                                                                                               Central
 134                                                                                             Park               Del Mar                                                     SOUTH          Blvd.
                                                                                                                    Station
                                                                                                                                   Del                              Mar          LAKE
                         Lower                                                                                                                                                  AVENUE
                                                                                                                     Pkwy.




                         Arroyo                                                                                                                                                                               California                                         St.
                                                             Orange




                                                                                                                                                    Buena Vista                                                                             Pasqual
                          Park                                                                                                                                                                               Institute of
                                                                                                                                                    Apartments                                               Technology
                                                                                                             Line




                                                                                                                                                                                              Blvd.
                                                                                                                               California
             San




                                                                                                                                                                                      Lake
                                                                                                                                                Ave.




                                                                                                                    Fillmore
                                                                                                     Ave.




                                                                                                                    Station
                                                                Grove




                                                                                                                      Arroyo




                                                                              To Downtown
                                                                                                                                                Robles
                                                                                                     Oaks




                    Ra
                                       Blvd.




                                                                                                             Gold




                      fae                                                         and                                                                                        Ave.
                         l                                                    Union Station                                    Art Center                                                                                                            The

                                                                                  ê
                                                                                                                               College of Design                                                                                             Huntington Library,
                                                                                                                                                                     Knoll




                                                                                                                               (South Campus)                                                                                                 Art Collections &
                                                                                                     Fair




                                                                                                                                                                                                                                             Botanical Gardens
                             Av
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                                                                                                                                                                                                                      Miles
                                                                                                                                                                     Oak
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area overview                                                                • Pasadena’s dedication to casual and fine dining is famous throughout
                                                                               the Southland. Known for its sidewalk cafés and gourmet restaurants,
                                                                               Pasadena is home to over 500 dining establishments including
Pasadena, Burbank and Glendale comprise the “Tri-Cities” area—                 Ruth’s Chris, Il Fornaio, Bistro 45, Parkway Grill, Sushi Roku, and
a major commercial center of Greater Los Angeles with significant              many quaint, boutique eateries with eclectic menus created by up
media/entertainment, financial services, business services and high            and coming chefs.
technology employment.
                                                                             • Just three blocks from Buena Vista, the Metro Gold Line spans
• Pasadena is less than 10 minutes from Glendale, and twenty minutes           13.7 miles linking Union Station in Downtown Los Angeles to Sierra
  from Burbank, Studio City and Universal City. Glendale, Burbank and          Madre Villa in East Pasadena. Phase II of the Gold Line will run from
  Universal City are home to the highest concentration of studios              Pasadena to Claremont beginning in 2013, stopping in 10 cities.
  including Disney Studios, Warner Brothers Studios, Universal Studios,
  NBC Studios, ABC Studios and DreamWorks. Pasadena is an easy               • Downtown Los Angeles, and its nearly 500,000 jobs, is located
  drive to the Bob Hope Airport in Burbank, a great alternative to LAX.        less than 10 miles to the Southwest of Pasadena, a short commute
                                                                               whether by the Metro Gold Line or 110 Freeway. The proximity to
• The City of Pasadena alone is a significant municipality boasting            Downtown Los Angeles has made Pasadena a favored bedroom
  over 7 million square feet of office space.                                  community.
• There are four schools of higher education situated within a short
  walk or drive of Buena Vista Apartments:
                                                                             Population Trends
      • Located only 1.2 miles from the Buena Vista Apartments,
                                                                             • There are approximately 440,000 people living in the Tri-Cities area
        California Institute of Technology (CalTech), one of California’s
                                                                               which includes Pasadena, Burbank and Glendale.
        premier research institutions has over 6,000 students,
        teachers and research and development employees.                     • The average household income in Pasadena is estimated to be
                                                                               $87,118, well above the national average of $69,376.
      • Pasadena City College is less than two miles from Buena Vista
        Apartments and has 29,000 students.                                  • The average household income in the Pasadena area is projected to
                                                                               increase nearly 11% the next five years to $96,334.
      • The Fuller Theological School is approximately one mile from
        Buena Vista Apartments and has 5,000 students.
      • The California School of Culinary Arts is located in the Playhouse   Apartment Market
        District and for sometime now has maintained corporate lease         The overall Pasadena apartment market remains extremely resilient
        units at Buena Vista for its students.                               and continues to outperform most of the metro Los Angeles area.
      • Approximately 10% of residents at Buena Vista are students           • Vintage product in Pasadena, built prior to 1990, remains the
        including students enrolled at USC’s medical school.                   strongest sector reporting less than 3.5% vacancy through the first
                                                                               quarter according to REIS.
• Pasadena is known as one of the most “green” cities in California.
                                                                             • The primary comparable properties for Buena Vista Apartments all
  The city has 23 parks, totaling more than one thousand acres of
                                                                               currently report occupancy in the mid to high 90% range.
  parkland, and over 60,000 trees line the streets.
                                                                             • There are virtually no concessions in Pasadena for older, vintage
• Pasadena has long been known as a major center for arts and
                                                                               apartment properties with the area’s strongest leasing season
  culture in Southern California and offers Los Angeles County’s most
                                                                               approaching (May-July).
  extensive list of cultural venues including the Norton Simon Museum,
  the historic Pasadena Playhouse, the Pasadena Civic Auditorium, the        • The pipeline for new rental product close to Buena Vista is minimal
  Huntington Library and the Wrigley Mansion, also known as the home           over the next three years.
  of the Tournament of Roses Association.
property overview
Buena Vista Apartments is a privately owned apartment community located in a quaint, tree-
lined neighborhood where residents can easily walk to nearby retail, restaurants, markets and
the Gold Line rail. Buena Vista is comprised of three residential floors over one parking level.

Built:         1973                               Parking:            93 spaces

Renovated:     2008                               Parking Density:    1.01 space per unit

Floors:        1 Parking Level                    Acreage:            1.33 acres
               3 Residential Levels
                                                  Density:            69.17 units per acre

The property offers residents an accommodating mix of spacious apartments.

Unit Type       No of Units      Unit Mix        Unit SF       Total SF
1 BR 1 BA               24             26%          670        16,080
1 BR 1 BA               27             29%          730        19,710
2 BR 2 BA               16             17%          917        14,672
2 BR 2 BA               13             14%          941        12,233
2 BR 2 BA                 6            7%           953          5,718
3 BR 2 BA                 6            7%         1,086          6.516
TOTAL/AVeRAge           92                          814        74,929


Community Amenities
• Large, resort style swimming pool with spacious sundeck area
• Gazebo, barbeques and canopied lounge areas in addition to the pool area
• Spacious clubhouse with kitchen, living room, big screen TV, pool table and foosball
• Fitness center with cardio and weight equipment
• Six laundry facilities spread throughout the property
• Secured access building and parking garage with additional storage bins

Unit Features
• Well appointed kitchens with refrigerators, range/oven, dishwasher
• Large kitchens provide plenty of cabinet space plus large pantries
• Bathrooms feature vinyl flooring, large tubs, and mirrored vanities
• Spacious patios and balconies
• Large closets and ceiling fans in all units

Recent Capital Improvements                                                                        FoR moRe inFoRmAtion, contAct:
• New gates, drainage system and subpump for garage
• New HVAC systems in all units                                                                              Alex Quintana
• Replaced heater, pump and filter for pool system                                                          Managing Director
                                                                                                             (310) 595-3613
• Approximately $1 million total improvements over the last 12 months
                                                                                                        alex.quintana@am.jll.com

Potential Value-add Upgrades                                                                                 Javier Rivera
• Addition of outside spa or jacuzzi                                                                          Vice President
                                                                                                             (310) 595-3635
• Ample space for putting green and ping pong table
                                                                                                         javier.rivera@am.jll.com
• Units are ripe for a variety of interior repositioning strategies
                                                                                                             Patrick Shiver
                                                                                                              Vice President
                                                                                                             (415) 395-4975
                                                                                                        patrick.shiver@am.jll.com


                                                                                                   2049 Century Park East, Suite 2750
                                                                                                        Los Angeles, CA 90067
                                                                                                         main (310) 595-3660
                                                                                                          fax (310) 595-3659

				
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posted:7/30/2011
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