Thistle Apartments

Jones Lang LaSalle Americas, Inc., as exclusive advisor, is pleased to present for sale Thistle Apartments (the “Property”), a newly renovated 93-unit podium-style multi-housing asset strategically located in the heart of Downtown Pasadena’s prestigious Playhouse District. Originally constructed in 1949 and extensively renovated in 2020, Thistle represents a turn-key, core investment opportunity with proven financial performance, evidenced by its exceptional 96.8% occupancy rate. A low-rise asset of this quality is rarely available in a suburban market like Pasadena, as evidenced by an average of only one asset for sale per year, presenting a unique opportunity to acquire a fully modernized, proven operationally efficient property.

The Property features a diverse unit mix of studios, one-bedroom, and two-bedroom apartments, each equipped with premium in-unit amenities including quartz countertops, vinyl plank flooring, Frigidaire dishwashers, and stainless steel gas ranges. The comprehensive ±$4.9M renovation in 2020 included unit interior renovations, upgrades to the amenities, adding new exterior siding, various building system replacements, common area improvements, and other miscellaneous work. This extensive revitalization of the Property has successfully repositioned the asset competitively within Pasadena’s premium rental market while minimizing near-term capital requirements.

Just a ±3-minute drive and ±10-minute walk from Downtown Pasadena, residents at Thistle have ±3.5M SF of retail and ±9.5M SF of office space just outside their doorstep, ideal for renters seeking to take advantage of the city’s desirable live-work-play environment. With Pasadena home prices rising ±30% in the last five years, the Property offers a compelling alternative to purchasing a home at a significant ±75% discount. With only five 50+ unit properties being delivered in Pasadena over the last 10 years, and no properties currently under construction, Thistle stands to benefit from outsized rent growth for years to come.