PASADENA, CA—Hines has closed on the purchase of a 3.5-acre piece of land here at the corner of Foothill Boulevard and Sierra Madres Villa Road for theof a 212-unit apartment complex.
The four-story building, designed by Newman Garrison + Partners of Newport Beach, Calif., will be built over two parking levels. The project is immediately adjacent to the Sierra Madre Villa light rail station.
John Favreau, Hines managing director and leader of the firm’s West Region multifamily platform, said that Pasadena is one of the strongest submarkets of Southern. “We believe that the strength of the location and surrounding amenities position this development to take full advantage of the continued growth in the region,” he said in a statement. In January 2011, Hines formed its Multifamily Division with a focus to expand the firm’s for-rent residential development activity throughout the United States. Currently, Hines has more than 5,000 multifamily units in projects in various stages of development.