Acquired by Waterside Ventures in April 2023 for $1.05 million, 466 W. Washington Boulevard is a courtyard residential property in Pasadena. The acquisition was based on the underlying value of the lot and its by-right ADU potential, which allows added density in a housing-constrained neighborhood without rezoning. Multiple community gathering spaces is the site's defining feature, reimagined as a shared space for residents that encourages community and still protects the privacy of each home.
At acquisition, the units were in urgent need of upgrades. Waterside worked carefully with existing residents to relocate them before construction began. The team then took the property down to the studs, managing both the full renovation and the entitlement work for the new ADUs. Interiors by Studio Zimmermann bring a refined, residential sensibility to each unit.
The property now commands rents above many of Pasadena's new construction, fully amenitized communities. That result reflects Waterside's ability to deliver a distinctive vision and succeed in an untested neighborhood. 466 Washington shows how careful site analysis and people-centered design can unlock value that conventional underwriting would miss.
