PASADENA, Calif. – Hines, the international real estate firm, announced that it has closed on a 3.5-acre land parcel in Pasadena, for the development of a new Class A for-rent 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 be 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, “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.”
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.