Pasadena residents will see an ownership change at 119 S. Los Robles Ave., a five-story mixed-use building in Old Pasadena that sold for $22 million, brokered by Marcus & Millichap.
The property, built in 2015, contains 50 residential units and 3,700 square feet of ground-floor retail. Marcus & Millichap’s Azzi Group—Tony Azzi and Rabbie Banafsheha—represented the seller, MLT VII LLC, and, along with Arteen Zahiri and Ian Habbestad, procured the buyer, identified in marketing materials as a funding investment corporation.
What changed and why residents should care
The transaction could affect how individual units are managed and marketed because, as reported by the brokerage, the condominium units are individually parceled. That structure gives the buyer and future owners flexibility over possible disposition or rental strategies.
“All the condominium units are individually parceled, giving the buyer maximum flexibility for multiple exit strategies,”
“Select units offer private balconies or patios, complemented by a furnished courtyard, amenities that deliver quality of life for tenants and enhanced marketability for the asset.”
Those comments were attributed to Tony Azzi and Rabbie Banafsheha of the Azzi Group. The building’s listing highlights features that matter to tenants and nearby businesses: gated parking, controlled access, an enclosed mail room, central air and heating, in-unit washer/dryer connections and stained concrete flooring.
Location and neighborhood context
119 S. Los Robles sits within walking distance of the Los Angeles Metro Rail Memorial Park Station and is a short drive from Downtown Los Angeles via U.S. Route 66 and Highway 110. It is close to Pasadena’s Playhouse District and the retail and entertainment corridors of Old Pasadena and South Lake Avenue.
- Address: 119 S. Los Robles Ave., Old Pasadena
- Residential units: 50
- Retail: 3,700 sq ft
- Sale price: $22,000,000
- Year built: 2015
Building details at a glance
| Attribute | Detail |
|---|---|
| Type | Five-story mixed-use |
| Residential units | 50 (individually parceled condominiums) |
| Retail space | 3,700 sq ft |
| Amenities | Gated parking, enclosed mail room, in-unit washer/dryer connections, central A/C and heating, furnished courtyard, private balconies/patios on select units |
| Sale price | $22,000,000 |
| Broker | Marcus & Millichap (Azzi Group) |
The brokerage also noted demographic context for the surrounding market area: a five-mile population of 503,250, an average annual household income of $136,000 and a median single-family home price of $1.2 million. Marcus & Millichap said the firm closed 8,818 transactions with $50.8 billion in sales volume in 2025, operating with more than 1,800 investment sales and financing professionals.
For Pasadena residents, the immediate impacts are practical: current tenants should expect an administrative transition as ownership records and management arrangements are updated. Retail tenants in the 3,700-square-foot storefront space may see changes in leasing contacts or property management. Because the units are individually parceled as condos, some owners could pursue resales in the future rather than maintaining the building as a single rental asset.
City officials and local housing advocates were not quoted in the brokerage release. Any long-term effects on neighborhood rents, retail mix or tenant protections will depend on decisions by the buyer and any subsequent unit owners, as well as applicable local and state housing regulations.
The sale underscores continued investor interest in Pasadena properties that benefit from transit proximity and cultural amenities. Marcus & Millichap’s announcement framed the deal within broader firm performance and the property’s marketability in a high-income, high-cost local housing market.
