PARTNERSHIP BRINGS 180 MICRO-UNITS OF AFFORDABLE TO PASADENA

CONNECTCRE
By: Paul Bubny

A partnership between Community Builders Group (CBG) and Bridge Financial Advisors is preparing to open Pasadena Studios, a new development that will bring 180 micro-units of affordable housing for individuals earning less than $53,000 annually to Pasadena. The site will be managed by WinnResidential.

The micro-unit concept was chosen to ensure affordability and maximize the number of units for a Class A building in a prime location. It was constructed at a total cost of $45 million, with a per-unit construction cost of roughly $250,000, significantly less than the typical per-unit cost of other affordable housing developments.

“As a micro-unit development, Pasadena Studios is a new type of affordable housing product,” said Pasadena Housing Department Director Bill Huang. “It may very well prove to be an important innovation to help address the affordable housing crisis for many individuals who can no longer afford the high market rate rents in Pasadena.”

CBG co-founder and principal Joe Seager said, “This development represents the first of many micro-unit projects for CBG, with two additional Los Angeles County developments already in the pipeline.”