Orange Grove Boulevard is known locally as "Millionaires' Row," a premier residential street in the City of Pasadena. The Town Homes at Orange Grove Circle is a 1950's era, 14-building, 64-unit apartment project on a 5.9 acre campus located on a private road directly off of Orange Grove Boulevard. The project's average unit is a two bedroom, two bathroom, 1,835 square foot apartment with a wood burning fireplace. The residents of Orange Grove Circle share a lavishly landscaped, park-like setting with a newly renovated pool and patio area.
The Company acquired The Town Homes at Orange Grove Circle in 2004, made significant improvements to the property, prepared it for conversion to condominiums via the recording of a Tract Map and completed a very profitable sale in 2007 to a condominium converter.
The Companyâ€™s institutional partner in The Town Homes at Orange Grove Circle was Prudential Real Estate Investors.