Pasadena, CA

CBRE Facilitates $11.1 Million Multifamily Land Sale in Pasadena

September 22, 2025

A modern multi-story apartment building with large windows and balconies, surrounded by trees. The building has a sleek design with a combination of white and dark exterior panels. Two cars are parked on the street in front, and several people are walking on the sidewalk. The sky is clear with a few clouds, indicating a sunny day.

Media Contact

Kimberley Hoidal

Communications Manager

Photo of kimberley-hoidal

CBRE has announced the sale of a multifamily development site located at 253 South Los Robles Avenue in Pasadena, Calif. First Roxy International Realty LLC acquired the property for $11.1 million.

CBRE’s Eric Chen represented the buyer in the transaction.

The 0.82-acre site is positioned between two thriving new construction properties. The property is fully entitled for 90 residential units, featuring a unit mix of 64 one-bedroom and 26 two-bedroom apartments.

“This transaction reflects the continued appetite for high-quality, well-located multifamily development sites in Southern California,” said Chen. “The buyer, a local investor with a global portfolio, utilized foreign capital to complete the all-cash transaction, which closed in just 90 days. We’re proud to have facilitated a smooth, efficient closing on behalf of our client.”

The deal closed at $122,222 per unit and $310 per square foot, underscoring the strong demand for well-located multifamily development opportunities in Pasadena.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, digital infrastructure services); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.