Hines recently acquired a 3.5-acre parcel in Pasadena, CA from SMV Technology Partners where it plans to build a 212-unit, four-story apartment building above two parking levels.
The site is located on the corner of Foothill Boulevard and Sierra Madres Villa Road, next to the Sierra Madre Villa light rail station. Newport Beach, CA-based architect Newman Garrison + Partners will design the project.
Hines formed a separate multifamily division in 2011 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 located in Atlanta; Boston, Denver, Houston, Miami, Minneapolis, Phoenix; St. Petersburg, FL; and Rockville, MD outside Washington DC.