Pasadena Apartments Change Hands

Brad Management of Santa Clarita has bought two South Pasadena apartment buildings for $16 million with funding provided by L.A. portfolio lender Thorofare Capital. Thorofare said it provided a $14.9 million mortgage to a Brad affiliate to go toward the acquisition of and subsequent renovation of the apartments at 1645 and 1653 Amberwood Drive near South Fair Oaks Avenue and the Arroyo Seco Parkway. According to Thorofare, the properties were offered through a competitive bid process and attracted more than 30 bidders. Both buildings were owned by the same entity for 40 years. The two structures contain a total of 63 units and each one features a pool, laundry facilities and parking. They are also in need of maintenance, Thorofare said, so Brad intends to use $2 million of the loan to upgrade the units, building exteriors, common areas and landscaping. The Azzi Group of Calabasas brokerage Marcus and Millichap Inc. represented both the buyer and the seller in the deal, according to Thorofare.