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After Restabilization and Renovation, the Pasadena Apartments Lists for $11.9M

The historic building has 170 apartments on Jefferson, a few blocks from the river

It's a week of big apartment building news. First, we saw the inside of the Forest Arms, which easily could have been torn down after a fire. Now, we're seeing the Pasadena, once a place where only 30% of the tenants were paying, and some were setting fires themselves, has been redeveloped and is looking for a new owner and its next chapter.

The 1902 11-story building with 170 units, located on Jefferson a few blocks off the river, is listed for $11.9 million through listing agent Jim Tumey.

Current owner Scot Turnbull bought the Pasadena out of foreclosure in 2009. Turnbull remembers the same day of closing, tenants set fire to all the garbage dumpsters on-site. The building was almost completely occupied, but only 30% of the occupants were actually paying. It took Turnbull three years and over $3 million to stabilize the property. He had doubts, but was confident with the construction of the Renaissance Revival style building, and saw opportunity.

And it was a good bet, considering the activity near the building now. A few blocks over is the construction of Orleans Landing. Across Jefferson on Lafayette is Ducharme Place. And further down the river is the development of the Water's Edge at Harbortown.

Added to the National Registry of Historic Places in 1985, the 1902 Renaissance style building was designed by architect Mortimer L. Smith & Sons, constructed of yellow brick with limestone facing on two lower floors, and a column of bay windows rises from the basement to the tenth floor.

Originally consisting of 85 large luxury apartments, the building now houses 170 renovated apartments from studio, one, and two bedrooms. The apartments also feature attached & detached parking lots, on-site 24 hour laundry room, all utilities included, and on-site management.

The apartments range in price from $550-$950/month.