O.C. Investors Acquire Pasadena Complex

Orange County investors bought the Holly Street Village apartments in Pasadena for $64 million, or more than $170,000 per unit.

A private partnership called Pasadena Civic Center West sold the 374-apartment complex to a limited partnership called Holly Street, a joint venture of Irvine-based Sares-Regis and an institutional investment fund managed by Capri Capital Advisors, which also has offices in Irvine.

Completed in 1994, Holly Street Village is made up of nine four-story buildings on 5.2 acres on the edge of Old Pasadena. It includes the historic Hall of Justice, which originally was built in 1930 to house Pasadena’s Police Department, judges’ chambers and men’s jail. The building has been converted to 12 luxury lofts.

-- Roger Vincent