133 SOUTH LOS ROBLES AVENUE PASADENA :: CALIFORNIA

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1 capital markets MULTI-HOUSING GROUP Pasadena, CA PRE-SALE OPPORTUNITY :: 34 residential UNITS Bids Due (revised): Friday, July 19 th by 5pm 133 SOUTH LOS ROBLES AVENUE PASADENA :: CALIFORNIA Exclusively Represented By: Laurie Lustig-Bower Executive Vice President Lic Mark Ventre Senior Sales Director Lic Nancy Badzey Senior Marketing Director Lic

2 table of contents PROPERTY OVERVIEW...3 RENT ROLL...6 PLAT MAP...7 CONDOMINIUM SUBDIVISION MAPS... 8 LOCATION OVERVIEW...10 AERIALS...12 PROPERTY RENDERINGS...15 FLOOR PLANS...21 PARKING PLANS...24 MAPS...28 Cordova Street 2013 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. N:\LIBRARY\Building Brochures\133 S Los Robles Ave\133 Los Robles Brochure.indd 133 SOUTH LOS ROBLES AVENUE :: 2

3 PROPERTY overview Executive Summary CBRE, as exclusive advisor, is pleased to present this pre-sale opportunity to acquire The Burton, a 34 market-rate unit residential building located in the heart of downtown Pasadena. The building, currently under construction, is approximately 95% completed, and is scheduled to receive its certificate of occupancy on or about the first week in August, The Burton represents the second of a three phased contiguous project that the owner/developer is building. The first phase was a 32 unit adaptive re-use building immediately to the south, that was completed in The third phase will be a 50 unit building immediately to the north that will break ground later in Each of the properties has a small portion dedicated to retail. The Burton conisists of 4 levels of Type V construction over a podium, with 2.5 levels of subterranean parking. (Thanks to the unique architectural design, there are actually four levels of parking, including one on grade level and one half level mezzanine). The property is designed to have a luxury ultra-modern urban feel with sleek layouts customized with super clean designer accents configured in small but unique floor plans. The completed project will offer a rare combination of affordability and dynamic urban living. The building also meets all LEED certifications which adhere to the U.S. Green Building Council s standards for environmentally sustainable construction a first in Pasadena. Just several blocks from both Old Town and the Playhouse District, The Burton offers residents a sophisticated urban setting within walking distance to many of the city s most popular amenities and workplace environments. Investment Highlights Rare pre-sale of a 34 unit high end luxury residential building in the heart of Downtown Pasadena Property has a subdivision map allowing the opportunity to rent as an income producing asset or sell off as individual condominiums Limited future supply due to Pasadena s general plan cap on residential development Its central location is walking distance to Old Town Pasadena, the Playhouse District, and many popular amenities and workplace environments Strong fundamentals in Pasadena s urban core The unit mix consists of 4 studios, 8 one bedroom, one bath units; 4 two bedroom, one bathroom units and 22 two bedroom, two bath units. The interiors will all have nine foot ceilings, high-end finishes and will be equipped with in-unit washer dryers and Wi-Fi, and many units will have balconies. The building offers a rare opportunity to purchase a fully market rate property in a city in which almost all new properties being built require a low-income housing component. A final subdivision map provides the buyer with the flexibility to own and operate as an income producing apartment building or sell each unit off as a condominium. 133 SOUTH LOS ROBLES AVENUE :: 3

4 property overview Price To be determined by market APN Zoning CD-2 Lot Area (SF) ± 15,280 Lot Area (Acres) ± 0.35 Total Number of Units 34 Est. Parking Spaces Provided 106* Est. Average Unit Size 1,009 Net Residential (SF) ± 34,317 Gross Building Area ± 41,850 Levels - Above Grade 5 (4 Levels Type V over one level podium) Levels - Below Grade 2.5 Retail (SF) ± 1,603 *Includes 48 parking spaces for 139 S. Los Robles Built to exceptional standards, the residential unit amenities include: Designer Custom Italian cabinetry with soft close drawers Energy efficient Anderson E-Series dual glazed aluminum clad custom windows High ceilings Specialty designed lighting incorporating dimmers and other effects Wiring for the latest technologies cat 6 throughout building Highly energy-efficient stainless steel appliances Washer/dryer hookups in all units Central heating and air conditioning with programmable controls Solid core wood doors High quality, Hansgrohe, contemporary plumbing features Polished concrete and hardwood (available by special request) floors Custom designed granite and Caesar Stone counter tops Walk-in showers with custom glass enclosures Designer porcelain sinks in the bathrooms Also, some units will feature: Uniquely designed bathrooms with a separate powder room for guests and private sections for the owner Adjustable bedroom partitions Optional kitchen islands that can be converted to dining and/or serving tables 133 SOUTH LOS ROBLES AVENUE :: 4

5 property overview Pasadena Residential Market Downtown Pasadena, including Old town and the playhouse district, commands some of the strongest residential markets in Greater Los Angeles, rivaling Santa Monica, West Hollywood and Manhattan Beach as the choice region for new millennials, executives, young urban families and retirees. The Burton caters to young professionals and empty-nesters wishing to live in the heart of a vibrant city. Pasadena s general plan has a limitation (a cap ) on the maximum number of residential units that may be built within the city. Including all projects that are currently in some stage of entitlement or approval, the cap is expected to reach its limit by in A revision to the general plan has been submitted to city council for approval which would increase the cap; however, the revision is not expected to be approved for at least one to two years. With the overall economy improving, apartment rents rental market are hovering in the $3.00 per square foot range, and neighboring housing prices are approaching $600 per square foot, The Burton is a fantastic pre-sale opportunity to own an elegantly designed high-end residential property in a prime location with strong fundamentals. 133 SOUTH LOS ROBLES AVENUE :: 5

6 PROJECTED RENT ROLL RESIDENTIAL UNIT NUMBER SQUARE FEET UNIT TYPE PROJECTED RENT 201 1, $3, , $3, $3, , $3, , $3, $3, $3, $3, , $3, , $3, , $3, , $3, , $3, $3, $2, $2, , $3, , $3, , $3, , $3, , $3, $3, $2, $2, , $3, , $3, Studio $2, Studio $2, Studio $2, Studio $2, , $3, $3, $2, $2,889 34,317 $104,754 RETAIL UNIT NUMBER SQUARE FEET NNN RENT PROJECTED RENT Retail 1,603 $3.00 $4, SOUTH LOS ROBLES AVENUE :: 6

7 PLAT MAP 133 SOUTH LOS ROBLES AVENUE :: 7

8 CONDOMINIUM SUBDIVISION MAP 133 SOUTH LOS ROBLES AVENUE :: 8

9 CONDOMINIUM SUBDIVISION MAP 133 SOUTH LOS ROBLES AVENUE :: 9

10 location overview Pasadena is undergoing an urban renaissance and is drawing a younger more dynamic population to its core. The largest age bracket in the city of Pasadena is now young adults age (17.4%) and age (13.97%). The median household income of Pasadena is over $65,000 per year, however within an approximate 3 mile radius of the property the median household income is significantly higher, with estimates over $90,000. An increasing number of young urban professionals and couples with dual incomes are moving Downtown to seek an urban lifestyle where they can walk to work, the gym, the supermarket, local restaurants and entertainment venues. Empty-nesters who have downsized are also choosing to move into the Downtown area to take advantage of its walkability. Accordingly, The Burton is uniquely positioned to take advantage of this trend. City officials have proposed the idea of using the city s transportation improvement fee to make pedestrian and bike-friendly upgrades to Downtown streets and using residential impact fees to create parks in the central district. 133 SOUTH LOS ROBLES AVENUE :: 10

11 location overview SUBJECT 133 SOUTH LOS ROBLES AVENUE :: 11

12 aerial - northeast VIEW South Arroyo Parkway Green Street PLAYHOUSE DISTRICT SUBJECT South Los Robles Avenue CENTRAL PARK East Del Mar Boulevard 133 SOUTH LOS ROBLES AVENUE :: 12

13 aerial - SOUTHWEST VIEW North Oak Knoll Avenue South Los Robles Avenue PLAYHOUSE DISTRICT SUBJECT East Colorado Boulevard CONVENTION CENTER PASEO COLORADO East Union Street OLD TOWN CITY HALL 133 SOUTH LOS ROBLES AVENUE :: 13

14 aerial - west VIEW SUBJECT PASADENA PLAYHOUSE CONVENTION CENTER PASEO COLORADO East Colorado Boulevard OLD TOWN South Los Robles Avenue East Union Street CITY HALL ARROYO SECO PARK East Walnut Street ROSE BOWL 133 SOUTH LOS ROBLES AVENUE :: 14

15 EXTERIOR RENDERING 133 SOUTH LOS ROBLES AVENUE :: 15

16 EXTERIOR RENDERING 133 SOUTH LOS ROBLES AVENUE :: 16

17 EXTERIOR RENDERING 133 SOUTH LOS ROBLES AVENUE :: 17

18 INTERIOR RENDERING 133 SOUTH LOS ROBLES AVENUE :: 18

19 INTERIOR RENDERING 133 SOUTH LOS ROBLES AVENUE :: 19

20 INTERIOR RENDERING 133 SOUTH LOS ROBLES AVENUE :: 20

21 floor PLANS- FIRST LEVEL FLOOR PLAN (HOUSING LEVEL) 0ft 10ft 20ft 40ft +1 First Level PLan (Housing Level) 133 SOUTH LOS ROBLES AVENUE :: 21

22 floor PLANS - SECOND AND THIRD LEVEL FLOOR PLAN (HOUSING LEVEL) 0ft 10ft 20ft 40ft +2-3 Second & Third Level Plan (Housing Level) 133 SOUTH LOS ROBLES AVENUE :: 22

23 floor PLANS - FOURTH LEVEL FLOOR PLAN (HOUSING LEVEL) 0ft 10ft 20ft 40ft +4 Fourth Level Plan (Housing Level) 133 SOUTH LOS ROBLES AVENUE :: 23

24 floor PLANS - PARKING PLAN- GROUND FLOOR (COMMERICIAL LEVEL) 0ft 10ft 20ft 40ft 0 Ground Level (Commercial Level) 133 SOUTH LOS ROBLES AVENUE :: 24

25 floor PLANS - PARKING PLAN FIRST LEVEL BELOW (SUBTERRANEAN PARKING) 0ft 10ft 20ft 40ft -1 First Level Below (Subterranean Parking) 133 SOUTH LOS ROBLES AVENUE :: 25

26 floor PLANS - PARKING PLAN SECOND LEVEL BELOW (SUBTERRANEAN PARKING) 0ft 10ft 20ft 40ft -2 Second Level Below (Subterranean Parking) 133 SOUTH LOS ROBLES AVENUE :: 26

27 floor PLANS - PARKING PLAN THIRD LEVEL BELOW (SUBTERRANEAN PARKING) 0ft 10ft 20ft 40ft -3 Third Level Below (Subterranean Parking) 133 SOUTH LOS ROBLES AVENUE :: 27

28 STREET MAP SUBJECT 133 SOUTH LOS ROBLES AVENUE :: 28

29 AREA MAP SUBJECT 133 SOUTH LOS ROBLES AVENUE :: 29

30 regional MAP 133 S. Los Robles Avenue 133 SOUTH LOS ROBLES AVENUE :: 30

31 capital markets MULTI-HOUSING GROUP Laurie Lustig-Bower Executive Vice President Lic Mark Ventre Senior Sales Director Lic Nancy Badzey Senior Marketing Director Lic CBRE 1840 Century Park East Suite 900 Los Angeles, CA CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. N:\LIBRARY\Building Brochures\133 S Los Robles Ave\133 Los Robles Brochure.indd