Hines’ Pasadena apartments deal due to no “mansion tax”: Newmark broker

Hines has made an end run around L.A.’s “mansion tax” by buying a 140-unit apartment complex in nearby Pasadena for $60 million. The Houston-based developer bought the Pasadena Gateway Villas at 290 North Hudson Avenue, the Los Angeles Times reported. The seller was Washington Capital Management, based in Seattle. The deal for the four-story apartments […]This article originally appeared on The Real Deal. Click here to read the full story.