(PASADENA, CALIFORNIA) — Hines, the international real estate firm, announced today the sale of The Ellington, an award-winning, 212-unit multifamily project located in Pasadena, CA. Marc Renard with Cushman Wakefield represented Hines in the transaction. Financials on the deal were not disclosed.
Completed in 2016, The Ellington is a Class A, transit-oriented multifamily building located immediately adjacent to the Gold Line Metrorail Station and one block from the 210 Freeway. Designed by Newman Garrison + Partners, the four-story building introduced mid-century modern residences to one of the highest barriers-to-entry markets in Southern California.
Overlooking the San Gabriel Mountains, The Ellington features three interactive indoor/outdoor lounge areas with firepits, a resort-style pool, a state-of-the-art fitness center, and over 1.5 acres of open green space and usable lawn areas.
Doug Metzler, Hines senior managing director, said, “We are pleased to have completed the full investment cycle for Hines’ first multifamily development in the West Region. We look forward to continuing our growth in the sector through both acquisition and development.”
Since acquiring the land to develop The Ellington in 2012, Hines’ West Region has established a portfolio and pipeline of 9,000 units with an estimated value of $4 billion. Hines first entered the housing sector in 1963 and its residential experience includes over 41 million square feet. Hines residential experience includes a full range of product types from horizontal land development to luxury residential towers, as well as senior & student housing.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 24 countries. Hines has approximately $111 billion of assets under management, including $60 billion for which Hines provides fiduciary investment management services, and $51 billion for which Hines provides third-party property-level services. The firm has 108 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,295 properties, totaling over 422 million square feet. The firm’s current property and asset management portfolio includes 506 properties, representing over 210 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.