APPA Real Estate Launches Mixed-Use Project in East Pasadena
LOS ANGELES, CA (April 27th, 2020) – APPA Real Estate, a privately held Los Angeles-based real estate investment and development company, has announced the closing of a joint-venture with Sundance Bay and Geolo Capital. Today, the joint venture began construction of a 100-unit mixed-use apartment complex, situated on a 0.75-acre site, located at 3768 E. Colorado Boulevard, Pasadena, CA. The site is located in the unincorporated area of Pasadena, within the County of Los Angeles.
The property was secured through a long escrow while all permits and approvals were obtained, giving APPA’s investors the opportunity to capitalize the transaction after all major hurdles of the large scale development project were finalized. A $32 million dollar construction loan was secured by First Republic Bank, facilitated by Scott Duntley at Balboa Financial. APPA contracted with Zwick Construction to build the project. Once completed, the five-story building will feature 100 rental apartments; including five affordable units and 4,500 square feet of ground-floor commercial space, two levels of subterranean parking, and amenities such as a gym, co-working space, courtyards, rooftop decks, pool, meditation garden, dog run, pet wash station, rideshare lounge, and on-site rideshare vehicles.
The 3768 Colorado property is located less than a mile east of Metro’s Sierra Madre Villa Station. The project is slated to be the first built in Los Angeles County under its updated mixed-use development zoning, which supports high-density construction near Metro Rail stations.
Completion is anticipated for mid-2022.
About APPA Real Estate
APPA Real Estate is a real estate investment and development company and a Certified B-Corporation, based in Los Angeles, California. APPA’s senior management team has developed, acquired, and managed a variety of asset types with a proven track record over the last 20 years. With a disciplined approach, APPA provides both institutional and individual investors a diversified offering of real estate opportunities to invest alongside experienced operating partners delivering above market risk adjusted returns on average north of 26% net return. Please visit https://apparealestate.com for more information.
About Sundance Bay
Sundance Bay was founded in 2012 with an investment in two small multifamily assets and has since expanded its multifamily portfolio to acquire and/or develop over 6,600 units across the US. Together with its Debt Strategies and Net Lease Investment verticals, the Company provides asset class and geographic diversification for investors, while maintaining discipline and focus with a team of dedicated investment professionals. The management team has over 130 years and $4B of combined acquisition and development experience, including publicly traded REIT experience. Please visit http://www.sundancebay.com for more information.
About Geolo Capital
San Francisco-based Geolo Capital is the private equity investment arm of the John Pritzker family, continuing a four-generation unmatched record of creating, investing in and building a diversified portfolio of consumer-focused companies. From its legacy involvement helping to grow Ticketmaster, Mandara Spa and Two Roads Hospitality, Geolo Capital’s mission is to cultivate enduring world-class brands in four core industries – real estate development, hospitality, investment and lifestyle. Geolo combines operational expertise, strategic vision and highly targeted capital to create long-term value for the companies in which it invests. For more information please visit http://www.geolo.com/.