Newmark Arranges $60 Million Sale and Financing of Pasadena Gateway Villas

March 24, 2025 9:00 AM

Newmark announces the company has arranged the $60 million sale of Pasadena Gateway Villas, a 140-unit multifamily community located at 290 North Hudson Avenue in Pasadena, California. The buyer was Hines.

Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Senior Managing Director Chris Benton, Vice Chairmen Ken White and Dean Zander, Executive Vice Chairman Mitch Clarfield, Managing Director Anthony Muhlstein and Senior Financial Analyst Gabe Munson represented the seller, Washington Capital.

“Pasadena Gateway Villas is a beautifully maintained apartment community that has been owned and managed by the same group since its construction in 2002,” said Benton. “Under new ownership, a value-add plan will be implemented to make the property comparable with the preeminent resort-style properties in the market. Its strong fundamentals—favorable transaction size, prime location and strategic positioning—make it a standout asset in a submarket poised for growth and constrained by a lack of new supply coming in the near future.”

“The intensity of the bidding for this opportunity in Pasadena was incredible with over 40 offers received,” said Shannon. “The fact that there is no Mansion Tax in Pasadena was a significant factor in adding to the depth of the buyer pool.”

Situated in the foothills of the San Gabriel Mountains, Pasadena Gateway Villas offers a mix of studio, one-, two- and three-bedroom apartment homes designed to cater to the submarket’s affluent tenant base. The property features spacious unit layouts, gas fireplaces, in-unit washers and dryers, select personal balconies and patios and vaulted ceilings. Residents enjoy a full suite of community amenities, including a pool and spa, fitness center, multiple outdoor lounge areas and more.

The property’s location provides immediate access to the 210 and 134 freeways and is within a five-minute walk to the Metro Lake Light Rail Station. Pasadena Gateway Villas is also surrounded by an array of dining options, entertainment venues and world-renowned educational institutions such as Caltech.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended December 31, 2024, Newmark generated revenues of over $2.7 billion. As of December 31, 2024, Newmark and our business partners together operated from approximately 170 offices with more than 8,000 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.