PASADENA, CA—City Ventures sold the historic Grove Manor apartment complex for $3.4 million. The transaction is one of the highest per-unit sales in recent months; with the seven-unit complex going for $492,859 per unit.
“Grove Manor is a rarewith tremendous architectural significance and the sale price reflects its unique character,” said Mike Smith, principal of Lee & Associates-LA North/Ventura, in a statement.
The unnamed buyers were private investors and represented by David Moskowitz and Randolph Davis of Keller Williams, Brentwood.
Built in 1929, the property, located at 232 S. Orange Grove Blvd., was previously a student dormitory before being renovated. The apartments are each roughly 1,900 square feet, and include hardwood floors, fireplaces, and French windows. City ventures purchased the property in 2009 in a packagethat included 70 nearby luxury condominiums.