Case Study
Euclid
Euclid Apartments
249 N. Euclid Ave.,
Pasadena, CA
- City: Pasadena
- Property Size: 40 Units
- Sold: January 2014
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Background
In October 2010 Structure PMG began a third party property management assignment for a 40 unit apartment building on Euclid Avenue in Pasadena.
Services & Improvements
We assisted our client with due diligence and acquisition of Euclid and then assumed property management responsibilities for the client. We immediately improved the income and occupancy and continued to outperform initial underwriting and market conditions.
Structure PMG also implemented a value-add improvement program for this asset, including the roof, unit upgrades, hallways, landscaping and other capital improvements.
Results
Once the decision was made to capitalize on this improved property, we assisted with selecting the real estate brokerage team, working with prospective buyers, explaining due diligence materials to the buyers and more, resulting in a successful and very profitable sale in January 2014.