Hines Purchases Land in Pasadena, CA, for Multifamily Development
LOS ANGELES, CA – January 10, 2012 – (RealEstateRama) — Hines, the international real estate firm, today announced that it has closed on a 3.5-acre land parcel in Pasadena, CA, for the development of a new Class A for-rent multifamily residential complex.
Designed by Newman Garrison + Partners of Newport Beach, the development will include 212 residences in a four-story building above two parking levels. Located on the corner of Foothill Boulevard and Sierra Madres Villa Road, the project will provide excellent vehicular and public transit access throughout Pasadena and the greater Los Angeles area. The project is immediately adjacent to the Sierra Madre Villa light rail station, less than one block from the 210-freeway, and within walking distance to many restaurants, grocery stores, departments stores and convenience retail.
John Favreau, Hines managing director and leader of the firm’s West Region multifamily platform, said, “The Los Angeles office of Hines is excited to be developing a best-in-class, transit-oriented residential community in one of the strongest submarkets of Southern California. 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.”
Alan Patton, senior managing director in charge of the firm’s Multifamily Division, said, “Hines has a legacy of delivering high-quality projects all over the world, and we expect that to continue with our multifamily product throughout California. We are looking at all of the key markets.”
In January 2011, Hines formed its Multifamily Division, with a focus to expand the firm’s for-rent residential development activity throughout the U.S. Currently, Hines has more than 5,000 multifamily units in projects in various stages of development. They are located in U.S. cities including: Atlanta; Cambridge, MA; Denver; Houston; Miami; Minneapolis; Pasadena, CA; Phoenix; St. Petersburg, FL; and Rockville, MD.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,208 properties representing more than 488 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in 104 cities in 18 countries, and controlled assets valued at approximately $23.8 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.
George C. Lancaster
Senior Vice President, Corporate Communications
(713) 966-7886 fax
Director, Corporate Communications
(713) 966-7886 fax